Nearly two weeks after the death of recording star Prince, much of the coverage has turned to the fact the 7-time Grammy winner apparently died without a will.
But it turns out the mega millionaire was just like us – 64% of Americans do not have a will, according to a 2015 survey.
That survey, conducted by Rocket Lawyer, revealed 60% of those without a will indicated that they simply haven't gotten around to making one yet, and over one-fourth (27%) don't feel that it's urgent.
“It is a common concern that making plans will somehow bring about your demise,” said Debbie Cunningham, an estate planning and probate attorney in Irving, when asked why many people fail to prepare.
“I hear that quite regularly. In fact, sometime in the last year I had an 80-year-old couple come in to do their estate planning and say, ‘I thought it was about time.’ Well, it was probably about time forty years ago,” Cunningham said.
In many instances, if you die without a will you will have no control over who gets your assets.
“The most common misconception comes in today’s complicated family structures and blended families,” Cunningham said. “Blended families would be two sets of parents with children from prior relationships when they come together. [If] they pass away without a will, that surviving spouse makes the assumption that they’re going to receive everything when, in fact, that’s not how it works.”
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Instead, Cunningham said that the assets of the deceased spouse would be divided among their own children.
