Sometimes a good example can tell you what not to do.
People often do not get an estate plan because of the cost. However, the cost of NOT having an estate plan can also be pretty high as TMZ reports in “Prince Lawyers Haul in Millions off Death.”
The administrator of Prince’s estate has submitted a legal bill for the court’s approval. It is requesting that the estate pay legal fees in the amount of $2.3 million to various attorneys who have worked on the case so far. The requested fees only cover work done between July 1st and September 30th. Since administering the estate is nowhere close to being finished, the final legal bill will be much more than that.
With an estimated worth of at least $200 million, it was known that it was going to be expensive to handle Prince’s estate. However, it would have been far less expensive, if the musician had taken the time to get an estate plan.
For only three months, of what certainly will be a long process, the legal fees alone have already eaten up 1% of the estate’s value.
Not only is that a costly mistake but courts will now determine where the assets will go.