ALBANY, GA (WALB) - A number of people were stunned after hearing reports that Prince did not have a will before he died on Thursday, April 21, 2016. But you can have what the superstar did NOT have, even though he left a $300 million estate: A will.
Albany attorney William Moorhead recommends having a will in place before you pass away. "Everybody has some kind of estate. Everybody has something that is important to them," he said.
If you do not have a will, then the state will be responsible for distributing your assets.
"When you make a will, you are making all of the rules for the estate. You are deciding who is going to be in charge of your estate, you are deciding who your beneficiaries are going to be, and you are deciding how and when they are going to receive their inheritance," Moorhead adds.
And even if you are not a millionaire, like Prince, it is still important to have a will. "You can't afford not to have a will, because if you don't, it is going to cost your beneficiaries in time, and potential conflict," Moorhead says.
Creating a will now can also prevent future conflict within your family. "That legacy is not going to be the same. People are not going to have that same good feeling about the decedent that they did when [he or she] was alive," Moorhead adds.
The Albany attorney recommends getting a will after a significant life event, like when you get married or have children.
For more information on how you can create a will contact a local law firm, like Moorhead Law Firm at 229-431-0900.