When pop star Prince died less than two weeks ago, he left behind an estate that is now estimated to be worth up to $500 million, but no will. In his article for the Washington Post, Barry Ritholtz stresses the importance of taking steps to prepare your estate to avoid future headache for you and yours. He says,

You may not have won seven Grammys or an Academy Award or sold 100 million albums, but you could still benefit from some estate and financial planning work, including a will. Preparations before your farewell tour will go a long way toward avoiding headaches, confusion and tax complications.

Read the full story here: You might not have Prince’s ‘Pop Life’ — but you should have a will

Posted by Allison Trupp, Associate Editor, Wealth Strategies Journal