The sudden death of Prince Rogers Nelson; known to the world as “Prince” was a shocking blow to the music industry. Just like David Bowie, Prince had generations of fans across the world. On the night of his death, monuments around the world basked in his signature color, purple. Additionally, today’s musical artists paid tributes to him by playing covers of Prince’s most famous songs.
In the midst of the mourning and speculation over the cause of his death, rumors abound regarding whether Prince had a will. In fact, a Minnesota probate court judge recently ruled that the pop icon passed away without any evidence of a will. As such, the court ruled that Prince’s estate would be divided amongst his brothers and sisters.
It is estimated that Prince’s estate is worth as much as $300 million, but that amount could change as the estate is audited.
The court also appointed Prince’s bank, Bremer Trust, to be the special administrator of his estate. It also found that time was of the essence because immediate decisions must be made regarding the ongoing management of the musical operation.
The story is also a cautionary tale for those without a will. Not having one prevents you from having the power to distribute your assets according to your wishes. Instead, your estate will be administered according to the laws of the state of Georgia. Because of this, it is important to have a will regardless if you have $30,000 or $3 million.
If you have questions about what to include in your will, an experienced estate planning attorney can help.