Why Prince Should Have Created a Living Trust

Yee Law Group Inc. > Why Prince Should Have Created a Living Trust

Our living trust lawyer at Yee Law Group focuses on estate planning and assisting those in our community who wish to protect their legacy for future generations. We work one-on-one with clients to provide the information they need to make informed decisions. Everyone’s needs are different because of their unique set of circumstances. Our living trust lawyer understands this and will present options that reflect the client’s best interests. Many people are hesitant to visit a living trust lawyer to plan their estate because they do not want to consider their eventual passing. However, as the old adage says, death and taxes are unavoidable. Though Yee Law Group can’t help you avoid death, we can certainly help your heirs avoid paying unnecessary taxes.

It’s unfortunate that the iconic entertainer known as Prince did not create a living trust before he passed away. If he had, he might have enjoyed several benefits as a result, including peace of mind of knowing that the best interests of those he loved would be protected after his death. However, he serves as a great example of how prevalent it is to not plan for the future, and yet how important it is to work with a living trust lawyer to do exactly that. We encourage you to contact our office and schedule an appointment to plan your estate. If Prince had created a living trust, the following scenarios would be very different.

Substantial and Valuable Assets

The more valuable assets and cherished possessions one owns, the more important it is to consider talking to a living trust lawyer from Yee Law Group about creating an estate plan. If Prince had created a living trust that took “ownership” of his assets, he would still have had control of those assets but they would not enter into probate after his death. The probate process prevents the assets from immediately transferring ownership to the specified heirs and subjects them to tax penalties.

Control Over One’s Living Trust

As mentioned, Prince would have retained control of his assets that were transferred into a revocable living trust. If at some point during his lifetime he wished to sell one or more of those assets, it would be a straightforward process with the help of a living trust lawyer. Adding assets to the trust is also a straightforward matter. In this way, a revocable living trust provides the best of both worlds: protection from inheritance taxes and control of the assets by the trustor.

Control Over Asset Distribution

In his living will, Prince could have specified who should inherit which of his assets, much like a will. This can minimize or eliminate possible confusion, angst, or anger about who should receive which assets, and how much of each asset such as cash, jewelry, vintage clothing, musical instruments, etc. When the deceased’s final wishes are clear in the form of a living trust, there is less likelihood of someone challenging it.

Yee Law Group: We Can Make the Future More Secure

To learn more about living trusts and whether or not they are the right solution for you and your heirs, contact our office today. Our living trust lawyer in Sacramento, CA will be pleased to provide you more information.