Prince Rogers Nelson, better known to the world as Prince, died on April 21, 2016, at his home at Paisley Park, Minnesota. Prince died without a Will, Trust or any type of estate planning according to court documents filed by his sister, potentially causing big complications for that star’s sprawling financial estate and musical legacy. In probate documents filed with the Carver County District Court in Minnesota, Tyka Nelson, Prince’s sister, said that her brother died without a spouse, children or surviving parents. Ms. Nelson’s petition also listed five half-siblings as heirs, and asked the court to appoint a special administrator for the estate. Minnesota law treats surviving half-siblings the same as full siblings, raising the possibility of a drawn-out family battle.
It is always best to have an estate plan in place that designates who will administer your estate as well as who will receive your assets and under what terms. And, it is important to remember to revise your plan if your wishes or circumstances change.
If you have any questions on estate planning, please call Karen L. Stewart, Attorney and Counselor at (248) 735-0900.
For more information, please see my website, www.customestateplans.com.