As the media continues to question the cause of Prince's death, the names of his heirs are also unknown. Indeed, the music icon did not leave any trace of a will, so courts will have to distribute his assets in accordance with state intestacy laws. Potential heirs appear to be coming forward as well in order to make a claim on the musician's estate. Recently, two women filed motions saying that they are Prince's grandniece and niece in a bid to claim a portion of his massive estate.
The last thing any Kentucky resident should have to deal with following the death of a loved one is a will contestation lawsuit. However, this is something that happens quite frequently after a family member dies, and it is particularly common in larger estates, which -- if they have a lot of potential heirs -- could become the center of family disagreements.
When a family patriarch or matriarch dies, families may lose the glue that holds them together. Besides just dealing with grief, unresolved feelings towards each other can surface, exploding into a full-fledged feud. This is especially true when there are stepchildren and biological children in the family mix.
Inheritance tax is not something most people deal with every day. So if you have just inherited property from a relative, do you have to pay Kentucky inheritance tax?
Your relative has left you a portion of his or her life's savings. Now you have choices to make. Do you invest, pay your bills, give some to charity or just have a good time spending it?
Most business owners probably have at least a vague idea of what should happen to their business after they let it go or after they're gone. But an idea that you don't detail in writing isn't likely to help you or your heirs in matters of business succession.
More and more American baby boomers are reaching retirement age and planning their estates. Remarkably, it's been estimated that in the next 35 years, $30 trillion will change hands in the biggest transfer of wealth in the nation's history. However, according to a recent survey of wealthy Americans, 43 percent of respondents said they didn't feel that inheritance planning was a pressing issue.
Step one: do the planning. Too many families are thrown into frustrating, time-consuming, expensive probate disputes because a comprehensive estate plan simply wasn't in place. You can start with a detailed list of assets with a name by each to indicate who should receive what. Your attorney can help you with this, as well as with estate valuation and the proper documents to ensure a smooth and smart distribution to heirs.