Mick Jagger may have estate planning on his mind.
Musicians are not generally known for their estate planning successes.
In recent years, artists like Prince and Aretha Franklin have made headlines for leaving a mess for probate courts and loved ones to manage.
Prince had no estate plan in place, while Franklin left loved ones to find her last wills tucked in her couch cushion for courts to determine which of the ones located would be probated.
According to a recent People article titled “Mick Jagger Hints Rolling Stones May Leave $500M Album Fortune to Charity to ‘Do Some Good in the World,‘” musician Mick Jagger may be learning from these predecessors.
At 80, the singer is still creating music with his band as he worked on a new album with The Rolling Stones.
In a recent WSJ Magazine interview, Mick Jagger shared that he may be thinking about his legacy beyond this new album.
Although the band has not decided the fate of their post-1971 music catalog, they have discussed selling it.
How much is the catalog worth at this time?
Selling the songs now could fetch about $500 million dollars.
That is some serious money.
In the interview, Mick Jagger shared how he did not think any of their progeny would need half a billion dollars.
As an alternative Jagger shared how charitable giving might be part of his estate planning.
This conversation came amidst the anticipated release of the new album Hackney Diamonds.
The album was the first released by the Rolling Stones in 18 years.
In addition to featuring his band mates Ronnie Wood and Keith Richards, this latest album from Mick Jagger will also include the piano playing of Stevie Wonder and Elton John, the bass playing of Paul McCartney, and the vocals of Lady Gaga on the track “Sweet Sound of Heaven.”
Jagger was eager to finish the album and had encouraged his band to aim for completion by Valentine’s Day.
Mick Jagger shared there was no significance to the date beyond being easy to remember.
After the record’s release, the band plans to go on tour.
Although Mick Jagger received some pushback from Richards on the deadline, Jagger emphasized the value of having a deadline to provide a measure of accountability even if it was not met.
The deadline was met with only a few weeks to spare.
The new album release comes with a bitter-sweet reality of being the only album without their longtime drummer, Charlie Watts.
Watts died two years ago at age 80 in August 2021.
Perhaps the loss of his beloved bandmate is one reason Mick Jagger may have estate planning somewhere on his mind.
Reference: People (Oct. 3, 2023) “Mick Jagger Hints Rolling Stones May Leave $500M Album Fortune to Charity to ‘Do Some Good in the World‘”