These music superstars sang and strummed their hearts out on the way to worldwide fame and untold fortune — only to fail to protect their portfolios and pass them safely on to heirs by neglecting to draw up a last will and testament. As the stories of these 11 celebrities attest, everyone — rich or poor, famous or not — can make bad financial decisions. Prince, who passed away April 21 at age 57 of as yet undetermined causes, reportedly had no will at the time of his death, according to papers filed by his sister this week. His estate has been reported as totaling some $300 million.
"Some of the most important financial planning recommendations do not fall within the realm of investment, insurance or retirement planning, but instead involve estate planning with wills, powers of attorney and advance directives," said Tim Maurer, wealth advisor and director of personal finance for Buckingham and the BAM Alliance and author of "Simple Money."
"We avoid the discussion because it involves a topic we'd rather not consider, but while the probability of your imminent passing is low, the damage done from a lack of estate planning is so significant that it demands our immediate attention."
— By CNBC's Kenneth Kiesnoski
Posted 27 April 2016