This article takes a look at why we should all write wills. It still is early, so one could still turn up..but there are lessons to learn.

http://www.forbes.com/sites/kellyphillipserb/2016/04/27/sister-says-prince-died-without-a-will-what-it-means-and-why-you-shouldnt-let-it-happen-to-you/#2f826251e3a5

Sister Says Prince Died Without A Will: What It Means And Why You Shouldn't Let It Happen To You

Prince Rogers Nelson, better known to the world as Prince, died on April 21, 2016, at his home at Paisley Park. Over the past week, his passing has been marked by a flurry of purple lights, revived screenings of “Purple Rain” and tributes from fellow entertainers.

Today, however, Prince’s death made news for a different reason: according to documents filed by his sister, Tyka Nelson, Prince died without a will. In the documents, Nelson asked for the appointment of a special administrator to manage her brother’s estate, including the valuation of assets, continuation of Prince’s business affairs, and the determination of heirs. According to Nelson, Prince had no surviving spouse, no children, and no living parents. Prince is survived, according to Nelson, by herself (the only full sibling); John Nelson (half-brother); Norrine Nelson (half-sister); Sharon Nelson (half-sister); Alfred Jackson (half-brother); Omar Baker (half-brother); and Lorna Nelson (deceased half-sister).

Prince earned an estimated $270 million-plus during his career. (Photo credit: CAP/MediaPunch/MediaPunch/IPx)

Typically, a will spells out who will serve as the executor as well as who will receive assets belonging to the decedent – and under what terms. It’s a pretty simple process which usually requires the executor to appear with the original will at the Register of Wills or probate court in the county where the decedent resided. Depending on local law, an executor can sometimes be appointed as soon as the same day that a valid will is presented.

However, when a person dies without a will, things become more complicated. Since there’s no named executor, the Register of Wills or probate court will appoint a person to serve as administrator (more or less an executor with a different title). The court doesn’t just pull a name out of a hat: in most states, if an executor isn’t named, any person of interest – including creditors – can apply to serve as administrator. Yes, that means that, in theory, your credit card company or your mortgage broker could end up administering your estate. The court gets the final say but will consider those “first in line” as determined by statute (usually next of kin) before making a decision.

Part of the administrator’s job is to figure out who the heirs are under the rules of intestacy. Intestacy is the legal term meaning without a will and intestacy laws are determined by statute.

Under Minnesota intestacy law, if there’s no surviving spouse, an intestate estate passes to the decedent’s descendants (meaning children, grandchildren and down the line). If there are no descendants, the estate passes to the decedent’s parent or parents. If there are no living parents, then it passes to the descendants of the decedent’s parents (meaning siblings and half-siblings, which are treated the same under Minnesota law) and so on.