Everybody NEEDS one…

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This topic contains 5 replies, has 2 voices, and was last updated by  Paolo 9 months, 4 weeks ago.

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  • #24762 Reply

    MichaelL
    Participant

    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.

    _Michael

    #24765 Reply

    Paolo

    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?

    #24768 Reply

    MichaelL
    Participant

    Hi, Paolo.

    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.”

    Cheers,

    Michael

    #24769 Reply

    Happy Ears
    Participant

    Interesting, can you give a ballpark dollar figure on how much it would be to set up a will like that?

    #24771 Reply

    MichaelL
    Participant

    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.

    _Michael

    #24772 Reply

    Paolo

    By “living will” I mean….

    With respect to the distribution of assets,

    I see what you mean – thanks Michael!

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