Trust—I put this question to ya: Why didn’t Prince have a trust?

Anna GundersonBy Anna M.W. Gunderson. Prince was a brilliant artist as well as a deeply devoted Minnesotan who loved his home state and fans. Prince was beloved by Minnesota and that love was shown this past week in the outpouring of emotion-and purple-from our community.

Prince Rogers Nelson was also a terrifically private man. So, it almost makes me go crazy that Prince didn't have a trust. Without a trust, Prince's estate will become public and every detail of his very private life will become decidedly public and splashed across the headlines. I can't imagine a man so vigorously protective of his privacy would have wanted this to happen. It wouldn't surprise me if a 'Purple Rain Trust' of sorts comes to light in the coming weeks.

With a Trust, Prince could have quietly arranged to give gifts to those who meant the most to him. He could have supported the numerous charities he was already supporting-which he could have done by empowering trustees to sell his pre-recorded music in the future as the time is right. Prince could have made Paisley Park a recording studio, given it to a charity, or made it a living memorial to the legacy he so carefully curated. With a trust, this all could have been done as quietly after his death as he would have during his life.

Without a trust, he'll also be subject to a considerable Minnesota and Federal Estate tax-although, on second thought, maybe Prince so loved Minnesota that he mightn't have minded the our state taxes so much.

If you'd like to discuss what a trust can do for you, please call to set up an appointment with me or one of my estate planning colleagues at 952-432-3136.