Will Prince's Estate Pass Via Minnesota's Intestacy Laws?
Last week, the world was shocked by news of the death of music icon Prince (aka "The Artist Formerly Known As...) at the age of 57. With an estimated net worth in excess of $300 million and ballooning post-death record sales, the status of his estate plans quickly became a hot topic to those of us fascinated by the estate plans (or lack thereof) of the "Rich and Famous."
In probate documents filed with the Carver County District Court in Minnesota, Tyka Nelson, 55, Prince’s sister, said that her brother died without a spouse, children or surviving parents, and that “I do not know of the existence of a will.” The petition also listed five half-siblings as heirs, and asked the court to appoint a special administrator for the estate “because no personal representative has been appointed in Minnesota or elsewhere.” Unlike Missouri law, Minnesota law treats surviving half-siblings the same as full siblings. If no other estate planning documents are found, all of Prince's siblings with inherit and equal share of his estate.
Will someone soon be coming forward claiming to be the Executor of Prince's well-drafted estate plan? Or will his music empire pass under Minnesota's intestacy laws? Stay tuned...