Prince's death puts living will discussion into the spotlight

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SARASOTA, Fla. -- It's something that experts say you don't want to have running away from you. If you pass away without a will in the state of Florida, the state statutes would decide where your assets go.

"Everyone should have a will, because what it does, it shows the court and all the beneficiaries how you want your assets to pass," said Marc Soss, a Sarasota attorney.

According to estate planning attorneys, around two-thirds of people don't have a living will. Many folks we talked with at Bayfront Park on Thursday are in the same boat.

"At this point we do not have a will and it's something we do need to take care of," said Shannon Ashburn. "We just haven't gotten around to it yet."

"I have had a will and it was up to date," said Donna Wilson, "but I divorced and that's null and void now, so I need a new one but you know you put that kind of thing off."

It's a little bit of smoother ride for Joe Giannetti. Several years ago he had an attorney put together his will.

"We have two children, they're both married and we have grandchildren," said Giannetti. "I feel we're in great shape if something should happen."

Attorneys say the will process is typically quick and easy with costs running as low as $100 for an attorney to do it.

"Creating a will is actually a very simple process," said Soss. "In most cases, a simple will can take less than 15 minutes."

Following the death of Prince, because it's reported he had no will, a bank has officially been appointed to handle his assets said to be worth hundreds of millions of dollars. Marc Soss says this a lesson everyone can learn from.

"Whether you have minimal assets or multi-millions of dollars people fail to plan for the important things in life," said Soss.