Tragedy of Prince's Death May Mean Stormy Waters for Heirs of His Estate
The death of the iconic music mogul, Prince, may have been a tragedy for more than just his fans. The possible lack of a will may leave the fate of his estate up in the air, create conditions for a long, drawn-out family battle, and may even significantly diminish the overall worth of what many fans would consider priceless items. In short, the next several months could serve as a cautionary tale of what could happen in the absence of a will.
Valuation of the Estate
Prince's estate includes extensive property in the Minneapolis area (value unknown), the proceeds from at least 650,000 sold music albums and 2.8 million tracks, copyrights for written songs, and the legendary “vault” of unreleased recordings. Forbes magazine estimated his net worth at $49.7 million before taxes in 2005; however, the worth could be much higher now that he is gone.
Who Stands to Inherit?
According to probate documents filed with the Carver County District Court in Minnesota by Prince's sister, the music legend died without a spouse, surviving children, or surviving parents. As such, his surviving heirs would include the one sister, three half-brothers, and two half-sisters. Still, without a will, the determination of who stands to inherit what will be determined through probate courts, which could prove to be especially chaotic, lengthy and complex.
Years of Careful Management and an Estate in Chaos
Prince was well-known for his personal involvement in the creation, release, and promotion of his music. He often dealt with record companies, digital music services, concert promoters, and other professionals on a personal level. Yet, all of that self-sufficiency may have been for naught because, without a will, it could take months or years to determine how his sprawling estate and intellectual property will be managed and dispersed. Moreover, the valuation may decrease dramatically, possibly by hundreds of millions of dollars, depending on who is left to manage the estate.
Put Your Estate in Order with a Will
If there is any lesson to be learned here, it is that the creation of a will is critical to ensure an estate is handled in a timely and effective manner. Herrling Clark Law Firm Ltd. can help you in making the important decisions and help to ensure your will is executed in compliance with the law. We understand the importance of securing a financial future for your family and loved ones and will take the time to understand your unique needs. Get started by contacting our skilled and experienced Appleton estate planning attorneys or Green Bay estate planning attorneys for your free initial consultation. Call 920-739-7366 today.