SASKATOON – Prince’s death last week came as a shock to fans and the music world. Now, the complicated process of dividing his multimillion-dollar estate begins. As far as anyone can tell, Prince did not have a last will and testament.
Experts estimate that roughly half of adults don’t have a will. Your family could be left with a legal headache and added fees as well as heartache if you happen to die without one.
Here in Saskatchewan, when a person dies without a will the following people (in order of priority) can apply to administer your estate:
- spouse;
- children;
- grandchildren and other descendants of the deceased;
- parents;
- siblings;
- nephews and nieces;
- next of kin of equal degree of relatedness;
- creditors;
- the Crown.
Experts recommend investing in a will now, to save your family added legal fees and taxes down the road. Sorting out an estate with no will can take anywhere from three to four years.
Today on the Breakfast Buzz we want to know if you have a last will and testament? Have you gotten around to it yet?
Be sure to comment with your thoughts and watch Global Saskatoon Morning News at 7:55 a.m. CT to see if we pull up your comment.
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