The artist formerly known as “The Artist Formerly Known as Prince” had no known will or trust at the time of his death. Because Prince left no will or trust, the probate laws of the State of Minnesota will decide who inherits his massive estate, and in what percentages.
As tempting as it might be to avoid employing a competent Estate Closer, and save a few dollars. It is never a good idea for the trustee to shortcut the process at the end in an attempt to save a few weeks or even months of administration.
When you hear the word Estate Closing you may think of one of your favorite movies about someone dying and leaving their assets to family members in a creative fashion. Typically, there is a scene depicting the reading of a Will by the attorney around a large conference room table and the gasps of frustration or sighs of relief. Of course, shortly thereafter, everyone receives what was stated in the Will and the story moves on.