Learning the details of Prince’s estate

On Behalf of | Apr 25, 2016 | Estate Planning

Prince’s death on April 21 took many people in Nevada and elsewhere by surprise. In addition to the grief and mourning that followed, questions arose regarding who would inherit his estimated $300 million estate. It is unclear if the musician had an updated will, which would mean that Minnesota state law would determine how his assets are distributed. In the event that this is the case, it is believed that most of his assets would go to his younger sister.

At the time of his death, he had no surviving parents and was unmarried. However, he was married twice, and those ex-wives may be entitled to a portion of his estate if he had a valid will that they were a part of. While Prince did have a son in 1996, the child passed days after his birth due to a rare medical condition.

One question of interest to many is what will happen to his music. Prince fought to keep his music off of sites such a YouTube and streaming services such as Spotify. He believed that they did not compensate artists for their music. However, there is a chance that his songs could be released to the public depending on the language in a will or trust that he may have created or the wishes of whoever acquires the rights to his songs.

Individuals who wish to have a larger say over their estate after they pass on should create a legal last will and testament. An attorney may be able to help create such a document or other estate planning materials in a manner that adheres to state law. It may also be possible for legal counsel to review existing documents to ensure that they still meet the needs of the person who created them.