Prince died without a will, leaving his entire estate to be shared by his siblings. For people who are unmarried and have no children, this is a very important lesson: if you want to control where your assets go, you need a will. The default rule is usually not the ideal solution.
I have a client who is estranged from her mother; her father is deceased. Right now, if she were to die without a will, everything would go to her mother, which is not what she would want. Because she has a will, she is able to leave her estate to several family members as well as a charity.
The main lesson? Even if you’re single, you still need a will.
