The King of Pop had them, but Prince did not. Juan Gabriel, the Divo South of the Border had several in different jurisdictions. That is wills and trusts. This memorial week may be the beginning of the end as far as the estate of Prince is concerned. The artist who died over a year ago left no will or directions. Not surprisingly a number of recently minted relatives started appearing. So far courts have awarded his estate to his siblings. Janet Morrissey, from the New York Times, has a very timely article on how to keep control over your assets even after you are gone. But first you must act. Whether you set up a will or a trust, failure to set up something will leave the decisions to the courts, and whoever can spend more on legal fees usually ends up winning. Check Morrissey’s article https://www.nytimes.com/2017/04/21/your-money/wills-avoiding-family-conflict.html?_r=0
Some of the key things to remember: If you give (before or after death) something to a person, once the title passes he or she can do whatever she wants. If you want to control how and how much is spent by the beneficiary, a trust is your vehicle. Trusts are recommended only when there is substantial amounts of money and want to get them distributed over a period of time. If a person owns title to assets, not only she can do whatever she wants (sell, gamble, mortgage), but creditors can reach those assets. And don’t forget some of your digital assets, and intellectual property. They can be as valuable as any gold coins in your basement.
Some of the key things to remember: If you give (before or after death) something to a person, once the title passes he or she can do whatever she wants. If you want to control how and how much is spent by the beneficiary, a trust is your vehicle. Trusts are recommended only when there is substantial amounts of money and want to get them distributed over a period of time. If a person owns title to assets, not only she can do whatever she wants (sell, gamble, mortgage), but creditors can reach those assets. And don’t forget some of your digital assets, and intellectual property. They can be as valuable as any gold coins in your basement.