Estate Planning Advice Inspired by Prince

He was no Michael Jackson—at least in this area of personal finance. So take a lesson from the tragic demise of the Purple One and prepare better for your own death.

Prince's musical legacy to the world is irrefutable; his financial legacy is far less certain. The tragedy of losing Prince Rogers Nelson on April 21 is exacerbated by his reported lack of a will and proper estate planning.

In some ways, it's understandable that he had not taken the time to outline his wishes in the event of his death. After all, he was a young 57 years old, with no spouse or children, when he passed—and his rock star status made him seemingly immortal. Then again, Michael Jackson, another shining music star taken too soon at the age of 50, managed to create a pretty smart estate plan before he died.

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Stacy Rapacon
Online Editor, Kiplinger.com

Rapacon joined Kiplinger in October 2007 as a reporter with Kiplinger's Personal Finance magazine and became an online editor for Kiplinger.com in June 2010. She previously served as editor of the "Starting Out" column, focusing on personal finance advice for people in their twenties and thirties.

Before joining Kiplinger, Rapacon worked as a senior research associate at b2b publishing house Judy Diamond Associates. She holds a B.A. degree in English from the George Washington University.