Prince
When singer Prince passed away unexpectedly in 2016, he left no trust or will, leaving his $200 million estate up for grabs
Multiple heirs came forward claiming an interest in the estate, resulting in a tumultuous legal battle
Outcome: It took six years and cost millions of dollars to settle the Estate, with the court determining that Prince’s six siblings were the rightful heirs to his Estate
Takeaway: The importance of having a comprehensive estate plan in place
Heath Ledger
When Heath Ledger died in 2008, he left behind an outdated Will that he had drafted in 2003
Never updated to acknowledge birth of daughter in 2005 and left his entire estate to his parents and siblings
Outcome: Family members agreed to give Estate to Heath’s daughter
Takeaway: The importance of updating estate planning documents following major life events and changes
Jerry Garcia
Grateful Dead frontman, Jerry Garcia, died of a heart attack in 1995 with a Will
His third wife of less than one year was named as Co-Executor
Estate split between third wife, four daughters from previous relationships and stepdaughter
Multiple beneficiaries challenged wife’s administration of the Estate, questionable decisions, cut off alimony payments to second wife in violation of agreement, etc.
Outcome: Estate was settled after nearly nine years of probate litigation
Takeaways: The importance of having a trust over a will for complex estates and choosing the right fiduciary
Michael Jackson
When Michael Jackson died in 2009, he had a properly drafted trust, which contained comprehensive provisions for the management of his assets for his children
Never “funded” trust with assets
Outcome: Costly and seemingly endless public probate court battles between family members, the executors, and the IRS.
Takeaway: The importance of having a properly “funded” trust
