Princes’s death has some locals thinking twice about planning for the unexpected

The death of music Prince has left a hole in the world of music and left his family to figure out what to do with an estimated $300 million in assets. A high profile dilemma,  that has some locals thinking twice about planning for the unexpected.

“I have but I never initiated anything but it’s time to maybe get serious about that. Everybody should be thinking about a will,” says Tony Timbrell from Salisbury.

Meanwhile, Hugo Borralles has family home in Mexico and he says his estate would be divided based on Mexican custom.

“Well for material things, the house, animals, and land. Things that they work hard to accomplish. Those would go to the youngest sibling,” says Borralles.

According to the American Bar Association,  55% of Americans die without a will or estate plan. Attorney James Respess tells us everyone should at least have a will.

“It’s never too early and it’s never too late,” says Respess.

Respess tells 47 ABC that even seemingly small levels of wealth can add up.  

“When they start adding their insurance, 401k’s, IRA’s and things of that sot you might find out you have a bigger estate than you really think,” says Respess.

Also, for families with children under 18, a will is a good idea Respesss tell us,”You could name who you want to be the guardian. Most of the time the court will honor that.”

For those who do have wills set up Respess recommends reviewing it at least every five years.

“You change. The people around you change and who you thought was ideal for a guardian for instance two years ago, it might not be today,” says Respess.

For those thinking of creating a will,  Respess says you should prepare to set aside some time. He tells us creating a will can take three to four meetings and depends on the size of the estate.