At the time of his death, iconic singer, musician and artist Prince left no will, a Carver County District judge confirmed as he approved the appointment of Bremer Bank to handle the singer's estate.
People magazine, reported Business Insider, obtained court documents after a hearing Wednesday that say the judge approved the appointment of the artist's bank to manage his fortune, conservatively valued at $250M of taxable estate. Bremer Trust has been tasked to "preserve the estate and to secure its proper administration until a general Personal Representative is appointed by the Registrar or by the Court," the document said.
Prince's sister Tyka Nelson, 55, previously made the request for the institution that had been trusted by her brother with his finances to manage his estate.
While there is no disputing Prince's musical artistry and creative greatness, his financial and business smarts may have been often overlooked, Forbes commented. He personally maintained and guarded ownership and rights to his music, including all the attendant money-making avenues from his enormous musical gifts. He famously stored hundreds of songs in a "vault" to be released only when he wanted to.
The total value of Prince's music cannot be accurately ascertained until after the vault has been opened and the contents revealed but estimates of his net worth ranged from $300M to $500M. These figures are considered too low as his music sales already soared 16,000 percent in the days following his demise. With so much money involved and the widely accepted extent of his legacy, it is shocking to hear that Prince may have died without a will.
The performer died with no known children and living parents. His closest relatives are his sister who suggests that Prince died intestate, meaning without a will, and several half-siblings.
Of course, the court won't just accept Nelson's assertions that her brother died without an estate plan, said The Hollywood Reporter. Ater all, Michael Jackson was initially thought to have died without one until a will surfaced after his death in 2009. She has to prove that she has looked in every nook and cranny for any relevant documents and that she has talked to the many lawyers, agents and managers who have worked with Prince over the years about the issue.
If indeed there is no will, however, Minnesota laws and federal tax codes will dictate who gets what and at what cost. Attorneys say, if this the case, his sister, and five half-siblings will get one-sixth of the estate each as their inheritance since Minnesota laws treat each sibling equally. Or more accurately, whatever remains of the estate as the taxman is poised to charge an amount approaching 50 percent of the value of Prince's fortunes in state and federal estate taxes.
Also, expected are a slew of lawsuits from many parties that have financial interests in the deceased's legacy including the disposal of his real estate properties potentially in multiple states. There is also the fact that Prince was known to be a generous contributor to many organizations such as the Jehovah's Witnesses. In the absence of a contribution agreement or mention in a will, the charities will get nothing according to an attorney.
