When recording artist Prince died last week at 57, he left behind no will, according to court documents filed Tuesday by his sister. Besides Nelson, his full sister, he is survived by half-brothers and half-sisters, whom Nelson names in her petition as “interested parties” to the Prince estate to her knowledge thus far.
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With some $27 million in property and an outpouring of nostalgia over the pop star’s death, Nelson and Prince’s half-siblings, a report via the dailymail tells of the collective standing to inherit a sizable fortune.
The documents ask that Bremer Trust, National Association, which provided financial services to Prince for a number of years, be made temporary administrator of the estate until a representative is appointed.
Presumably, by now a lawyer would have come forward if Prince had drafted a trust. The law makes no distinction between half and full siblings when it comes to inheritance. David estimates that presently Prince’s estate registers “at least $250 million”. According to Minnesota state code, Prince’s estate will be divided among his siblings, since he didn’t leave behind a living spouse, children, parents, or grandparents.
Prince was also known to keep a legendary vault stuffed with decades of unreleased songs, whose fate is uncertain following his unexpected death.
What to do with Prince’s famous motorcycle, his guitars, and other memorabilia after his death? His assets, including his Paisley Park estate in Chanhassen, Minn.; his possessions, such as guitars and memorabilia; and that magnificent trove of music, would then be distributed to his heirs according to state law.
Her attorneys released a statement saying they’re not at liberty to discuss the case “in order to uphold the privacy that Prince and the Nelson family have always maintained”.
Court battles in recent years suggest money wasn’t free flowing.
Are you surprised Prince didn’t have a will? When he was court-ordered to pay $4.4 million to a perfume company who said he bailed on a deal, he never did. Prince later settled for a lower amount.
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Maurice Phillips, the brother-in-law of Prince, talks with fans following a memorial service held inside the Paisley Park compound.
