- This topic has 5 replies, 2 voices, and was last updated 5 years ago by Paolo.
- April 27, 2016 at 1:17 pm #24762
It’s being reported that Prince died without leaving a will and that his sister has filed a petition to have a court establish a “trust.”
You may think that you’re a long way from being Prince, but the fact is that if you have a catalog of music it may very well continue to earn income after you are deceased.
I am aware of at least two successful RF composers who, sadly, have passed away. I recall Mark Lewis, of Music Loops, relating that he once had to track down the widow of a composer to inform her that there was money sitting uncollected in her husband’s Paypal account.
It’s not difficult or expensive to have a will drawn up. Please contact an attorney or legal service and do it. Make sure that your spouse or significant other knows about your various music accounts. These may be much-needed sources of income.
While you’re at it, I strongly suggest getting a “living will” and “powers of attorney,” so that important decisions regarding your life, health care, and finances aren’t left to strangers.
_MichaelApril 27, 2016 at 2:58 pm #24765PaoloGuest
thank you Michael for sharing this –
I have a question: in my living will, I would spell-out where my PRO and libraries would need to send the money (royalties and sync)?
Or could all monies get deposited into a direct deposit account and the living will states the owners of that bank account?
I guess I’m not sure how the money gets to my heirs?April 27, 2016 at 7:25 pm #24768
By “living will” I mean an advance directive informing medical providers what steps you want and DO NOT want taken to prolong your life in the event that you are incapacitated and cannot communicate.
With respect to the distribution of assets, you should check with local counsel to get things done according to the rules of your jurisdiction. You don’t want your will to fail because of a procedural error.
Counsel can review your individual needs and advise you regarding the distribution of your catalog to heirs.
What you don’t want is to die “intestate,” without a legally valid will. Then, the state will distribute your assets according to its “rules of succession.”
MichaelApril 27, 2016 at 11:47 pm #24769Happy EarsParticipant
Interesting, can you give a ballpark dollar figure on how much it would be to set up a will like that?April 28, 2016 at 5:19 am #24771
Hi Happy Ears,
You should consult with a local attorney to discuss your individual circumstances. They will tell you what their fee is after they understand your needs.
Wills can very simple or very complex depending on your assets, the number of potential heirs, etc.
If your situation isn’t complex, some states allow legal document services to perform this kind of work.
_MichaelApril 28, 2016 at 5:53 am #24772PaoloGuest
By “living will” I mean….
With respect to the distribution of assets,
I see what you mean – thanks Michael!