Battle Brewing over Prince’s Estate

Battle Brewing over Prince’s Estate

Thomas R. Riggs, Esq.
Ferry Joseph, P.A.

No matter your age or station in life, it is imperative that every person undertake proper estate planning.  One needs to look no further than the exploits of the rich and famous for not just tabloid fodder, but for the difficulties an estate often encounters in the wake of an unexpected passing, especially when a will has not been completed.

A particularly prominent example is currently playing out following the death of musical artist and icon Prince Rogers Nelson.  According to Prince’s sole surviving full sibling, Tyka Nelson, the artist likely didn’t have a will at the time of his passing.  Fearing a looming legal battle to wrest control of the estate, Nelson has asked in court filings that a Minnesota court appoint a special administrator to oversee the estate in order to manage Prince’s business interests.

If Prince failed to leave a will or trust, dividing his estate will likely be a complicated matter despite Prince having no spouse or known biological children because he also had 5 surviving half-siblings in addition to Tyka Nelson.   According to Minnesota law, when a person dies without a will and no surviving parents, children, or grandchildren, the next in line of succession for the estate are the surviving siblings, including half-siblings.  Though attorneys will attempt to get the siblings to agree to proper asset distribution, such attempts are often difficult to accomplish.

Rarely are estates this large and complex, let alone expected to project tremendous financial assets in the decades following one’s death.  Regardless, Prince’s apparent lack of a will likely has further complicated the effective administration of his estate in ways that could have been avoided with proper estate planning.  Others would be wise to heed the lessons provided by such an example to ensure an easier transition for their families and loved ones in the event of an unexpected passing.