The news that Prince passed away without an estate plan and the difficulties caused to his estate have prompted other musicians to consider getting an estate plan.
Many artists have been horrified about all of the news surrounding Prince’s estate. They have read about all the claims by his would-be heirs and how large the estate tax bill is expected to be. That has prompted many of them to consider getting estate plans of their own for the first time.
Estate planning for musicians is slightly different than it is for other people, but the basics are the same.
Recently, Billboard listed the basics for estate planning musicians in “Avoiding The Prince Syndrome: A Primer On Estate Planning,” including:
- Hire a good estate attorney and a good music attorney – You do not want to plan a complicated estate on your own, so get competent help.
- Create a will – This should be a basic document that details to whom your property should go if it is not covered elsewhere in your estate plan.
- Consider getting a trust – This can be used to keep your estate out of the public eye and as a vehicle for managing your assets after you pass away.
- Get Powers of Attorney – These documents will allow a trusted person to handle your affairs if you become incapacitated and cannot do so.
- Organize your financial accounts – Make sure that all of your bank accounts and retirement accounts have designated beneficiaries.
- Appraise intellectual property rights – Get professionally estimated values for any copyrights that you hold.
- Create an outline – An outline of what you have and what is supposed to happen to it will assist your estate in handling everything after you pass away.
Reference: Billboard (Aug. 8, 2016) “Avoiding The Prince Syndrome: A Primer On Estate Planning,”
