The world was stunned to hear of the passing of one of the biggest-selling recording artists of all time. Prince’s music touched millions, generating hundreds of millions in revenue for him, and, based on the fact that he’s currently the top-selling artist in the country, his work will continue to generate millions.
It has been reported that Prince died without creating a will, which is both surprising and potentially troubling, as a state court will have to step in take control over what happens to his vast wealth and make decisions regarding how “the business of Prince” is managed for decades to come.
What Will Happen to Prince’s Property?
If a person dies without a will, then a state probate court will have to decide what to do with the deceased’s property based on the state’s rules of intestacy, which, in Prince’s case, would be Minnesota’s probate court. State intestacy rules generally dictate that, when a person dies without a will, their property will be distributed to their surviving spouse and children, and, if there are none, then on to parents, siblings, and, in some cases, extended family.
In Prince’s case, no one has come forward with a will, and his sister, Tyka Nelson, has petitioned to the Minnesota court that he indeed died without a will. Prince has no spouse, although he was married twice before, but ex-spouses only take under intestacy rules in unusual circumstances. He also left no known children. His parent both had deceased, and he had one full sibling (Tyka), and six half-siblings, one of whom predeceased him. Thus, his sister and half-siblings will likely inherit his property, and indeed Tyka has petitioned the state court to be named the special administrator of his estate, and asked that she and the half-siblings be named the heirs of the property.
Your Heirs Can Control Your Legacy After You Are Gone
What Makes Prince’s case extraordinary is that, not only is his estate estimated to be worth around $300 million, but it will likely continue to create huge revenue in the coming decades as his music and likeness continues to be popular. This means that, should his family inherit his estate, they may even make decisions regarding how his music and likeness are used, e.g. whether “Purple Rain” is used in a commercial, or if Prince’s face is used in an ad campaign. Given the tight grip Prince maintained on his image and music (even changing his name to a symbol), it’s hard to imagine this confusion regarding his legacy was the ideal outcome.
Work With The Law Store to Efficiently Create a Will
Given the uncertainty and confusion that can occur within a family following a death without a will, it is important to take the time to create a will, even if you don’t think your death is at all an imminent possibility. The good news is that creating a will can be a pretty simple process, and, at the very least, it will make you the decider of who gets your property and controls your legacy, not the state.
At The Law Store, our attorneys will work with you to draft and finalize a will that meets all of your needs at a very reasonable price. You will want to gather the following information for your consultation with your attorney at The Law Store:
- Documents relating to your property/assets and liabilities, including bank statements, 401k and stock holdings, titles and deeds to homes and vehicles, and loan documents.
- The names and addresses of your intended beneficiaries and the person you want to be the executor or administrator of your will.
- The names and addresses of any people who should act as guardians for minor children.
- Your preferences regarding medical treatment in the case you become incapacitated. This is not necessary for creating a will, but many people choose to add this.
The attorneys at The Law Store provide legal services to meet your family’s needs at a reasonable price. Stop in and find out about us at one of our many locations.