#WednesdayWisdom #022: Why There Will Never Be A Movie About Prince

I’m a huge Prince fan. His surprising death hit me hard. As the news coverage unfolded, I was wondering, “I wonder who’s going to play Prince in the biopic movie about his life story.” I think Bruno Mars could do it. But I like Jussie Smollett (Jamal from Empire) better. He’s a little taller and thicker than Prince. But with some weight loss and camera tricks, they can make him look smaller.

Unfortunately, I don’t think this highly anticipated movie will ever happen. Because His Purple Majesty didn’t have a will to determine what is to be done with his estate…SMH. As a result, the totality of his life’s work…his $300 million legacy…will be fought over by his 6 siblings like raw meet thrown into a pit of ravenous dogs.

I know most of us don’t have a $300 million estate. For many of us…it’s more like $300,000 of debt. But the most important take-away from Prince’s life and death is the importance of having a will.

Admittedly, I don’t have a will. Prior to Prince’s death, creating a will was something I thought I’d eventually get to sometime in the future. But here are 4 reasons why I…and you too…need to create one sooner than later.

1. “You don’t know the day nor the hour…”

The misleading thing about life is…we didn’t start it and we don’t know when it’s going to end. Yet, while we’re living, we think we have control over the timing of things. But the truth is…we don’t know when we’re going to check outta here. So it’s better to have a will and be prepared for when you do, than not have one and leave your family unprepared.

2. Taxes

Because Prince didn’t have a will, Minnesota probate and the IRS are going to devour his estate. When all the dust settles, whatever each of the 6 siblings is awarded, 40% of it is going to be eaten in taxes. Don’t let the same happen to your estate.

3. Give instructions to your family

Before Prince’s death, I was like, “If I die, Bernie gets all my stuff; and if she dies, I get all hers.” However, what I’m realizing is…it’s not just about where the stuff ends up. It’s about how the stuff gets there. My dad is on point with his estate. As the executor, I don’t have to figure out what he wants. He’s already laid out what he wants, where he wants it, and to whom he wants it to go. That’s a huge help to a grieving son.

4. It’s the responsible grown-up thing to do

To me, a will has always been something old people But a will is really something grown-up people get because it’s the responsible thing to do. Just like health insurance, car insurance, and life insurance is the responsible thing to get as a grown-up…a will is in the same responsible grown-up arena.

If you have children, siblings, half brothers or sisters, babies mamas, babies daddies…or other babies mamas, rest assure you’re going to have people coming out of the wood-works claiming rights to your stuff. And that puts your heirs in the troubling position of having to defend the totality of your life’s work…your legacy…against those greedy undeserving people – all while grieving your loss.

#WednesdayWisdom

Don’t leave your life’s work…your legacy… to be fought over by family members, probate court, and the IRS. Create a will because it’s the responsible grown-up thing to do.

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