Today, a Minnesotan judge confirmed that, despite owning an estate estimated to be worth $500 million USD, singer Prince had not completed a will that would set the terms for the distribution of his assets.
The news is sure to have a profound effect on those closest to the idol – his family, friends, and business associates. It may now take years for the estate to be correctly valued and shared out under conditions that are unlikely to mirror how Prince imagined they would be.
It’s too late to change that now.
Unlike many creatives, Prince maintained an iron grip on his intellectual property throughout his life, so this revelation only further highlights the fragility of life and importance of preparing for the worst.
So how do you prepare?
For residents of the USA, author Neil Gaiman has a basic will template (and a story about the experience that made him realising the importance of having a will) available on his website. It’s tailored for writers, but can at least be shown to a lawyer as an example of what you are after.
Residents of other nations can also use the will provided by Gaiman as a guide, though even writers must be aware that the terminology used within the template is only relevant under US law.
Don’t delay; it’s human nature to avoid confronting our own death. But whether you’ve painted one minor artwork or produced 1000 songs, making out a will today is an important step in saving those you leave behind a great deal of uncertainty and grief in the future.