Unbelievably, it has been revealed that the musician Prince had no will at the time of his death. That is considered to be a major mistake by experts in Texas and elsewhere with respect to good estate planning principles. In fact, it is one of the four big mistakes of estate planning, according to some experts, and it demonstrates in this case that celebrities are as prone to procrastination as the rest of us.
The lack of a will can be devastating to some family members who will not share in a loved one's estate simply because the state statute where the decedent lived will govern the order of distribution of assets. Therefore, even though the decedent may have favored a beloved sibling, that person may go without any inheritance under the state's statutory law. In addition, a living trust is a good idea for those who wish to maintain privacy about their affairs.