Howard B. Presant, Estate Planner at Davidoff Hutcher & Citron LLP Provides Insight on Prince’s Estate

The tragic death of superstar musician Prince highlights the importance of having a will to provide for your loved ones. Without a will in the state of Minnesota, control of Prince’s assets are still being determined. Below are other ways one’s assets may be controlled without a will:
· Property you’ve transferred to a living trust
· Life insurance proceeds to a named beneficiary
· Funds in an IRA, 401 (k), or other retirement account with a named beneficiary
· Securities held in a transfer-on-death account
· Payable-on-death bank accounts
· Real estate held by transfer-on-death or beneficiary deed
· Property you own with someone else in joint or survivor tenancy

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