Probate of Prince’s Estate Likely to Be a Royal Mess

Probate of Prince’s Estate Likely to Be a Royal Mess

World renowned and respected musician Prince died on April 21, 2016, at the age of 57. As an artist, he was known for maintaining tight control over both his published work and what is rumored to be thousands of unpublished works. His music catalog alone has been valued at over $500 million, but his future estate could reach much higher thanks to those unpublished recordings that are tucked away in a vault in his Minneapolis area mansion.

So it is puzzling that the artist who wielded such a firm hand over his creative works and was noted for his business acumen would have failed to create a simple will. According to news reports, Prince’s sister, Tyka Nelson, filed court documents requesting that a special administrator — Bremer Trust, a bank where Prince conducted business for years — be appointed for his estate. Nelson says she believes her brother died without a will, and none has been found to date.

Of course, the biggest beneficiary of Prince’s estate will be the government. The federal government will take approximately 40% of his assets in estate taxes, while the state government will take 16%. The remainder will be divided between Prince’s full-blooded sister and five half-siblings, according to Minnesota intestacy law.

And because Prince had no will, the battle for his estate will be played out in probate court — a process that is sure to be lengthy and expensive, not only because of the number of blood relatives but also because of several other people laying claim to the estate. For example, a Colorado inmate recently filed a claim on the estate, contending that he is Prince’s son.

There is also the chance that a will may be found, either a formal last will and testament or a holographic will, which is a will that is handwritten by the testator and not witnessed. Although many states recognize holographic wills, Minnesota does not (Florida does not recognize holographic wills either unless they meet statutory requirements — it must be written, signed by the testator and witnessed by at least two other people.)

So far, the siblings are reportedly cooperating in settling the estate, according to one of the half-sibling’s attorneys. During a May 2, 2016 probate hearing, five of the six siblings met in court as the judge formally approved Bremer Trust as special administrator and requested that the bank keep searching for a will.

At Jurado & Farshchian, P.L., we provide solutions to complex problems that relieve the burden of probate for individuals and families. Contact one of the experienced Florida estate planning and probate attorneys at Jurado & Farshchian, P.L., at (305) 921-0440, or email us at info@jflawfirm.com.

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