EntertainmentAfter several decades in the entertainment industry, Prince's net worth is estimated at $300 million. For any person, but especially someone as wealthy as the late entertainer, creating a trust or will for when one passes is important.
"The question is, is there some document that says here's where my stuff goes and here is who controls my stuff when I'm gone?" Los Angeles-based attorney Laura Zwicker, a partner at Greenberg Glusker who specializes in clients worth more than $100 million, told Business Insider.
The thing is that entertainers are more likely to avoid making such a plan.
"My experience with people in the music industry is, even more than other people, they think they'll live forever," the estate attorney said. "So, getting them to focus on a plan is really a challenge."
If Prince hadn't created a trust or will, Zwicker told us what we could expect for the distribution of his estate.
"Prince was a careful planner, at least in respect to his music interests," Zwicker said. "That suggests he was a lot more thoughtful and sophisticated than other entertainers. He would seem more likely to have made a will or trust. If he didn't plan, then this can get very messy."