Music legend Prince, who died on April 21, did not leave behind any will, his sister Tyka Nelson said in court documents on Tuesday.
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Nelson says in her filing that an emergency exists because immediate action is necessary to manage Prince’s business interests.
Tyka also asked the court to name Bremer Trust, National Association as the official administrator of Prince’s estate.
Prince is not thought to have left behind a will following his sudden death, according to court documents filed by the music superstar’s sister. Prince owned $27 million in property in Minnesota with no mortgages or liens. Prince had deep-rooted money and cash-flow issues for years, multiple sources who advised Prince have confirmed.
In the documents, Nelson listed herself and five half siblings as Prince’s heirs but gave no value of his assets or debts.
Prince married Mayte Garcia and had a son Boy Gregory who died seven days after his birth in 1996.
Prince was cremated in a private family ceremony on Friday.
“If there is no will… then his estate will be distributed in accordance with Minnesota law and under the supervision of the (probate) court that administers estates in Minnesota”, Reisman says.
“Usually, wealthy, organized people or sophisticated celebrities use trusts that are set up while they’re alive, to determine (what happens after death) in a confidential way, they’re not public documents”, says Koznitsky.
Who will inherit the net worth of Prince’s fortune now that Rogers Nelson is dead?
His best-earning touring year, when he took in $87.4 million, was 2004, the year he was inducted into the Rock and Roll Hall of Fame and two decades after the soundtrack to “Purple Rain” went multi-platinum.
Prince was one of relatively few recording artists to have possessed ownership of his master recordings and his own music publishing. And prince was known to throw expensive parties. Instead, plaintiff lawyers went searching for assets, found about $3 million in various Minnesota bank accounts, and used court orders to freeze them, according to Brian Slipakoff, a NY lawyer who represented the perfume maker.
He was also said to have a cache of unheard recordings, including an album cut with late jazz trumpet great Miles Davis.
Prince encountered tax difficulties several times, including owing back taxes to France in 2012, which he paid up, and overdue property taxes around $450,000 in 2010.
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The singer had a thriving brand, which included thousands of unreleased songs, a record label and his Paisley Park property.
