RIP Prince

[BlueDenimLamp]

Looks like Prince died WITHOUT a will...So let the fighting between his siblings /Lawyers and the courts begin!

It will be interesting to see what becomes of the material in "The Vault"...
I was reading an article recently and Prince said "I don't always give the best songs to the record company and I have entire albums by "The Revolution" and "Vanity 6" just waiting to be released"...
It's said that Prince has enough recorded material put away to release an album a year for the rest of the century.

[olive]

they said on the news his sister went to a lawyer and wants everything divided equally among her and their half siblings Providing what the state laws are they ( the state ) can take all of it

[BlueDenimLamp]

Originally Posted by olive

they said on the news his sister went to a lawyer and wants everything divided equally among her and their half siblings Providing what the state laws are they ( the state ) can take all of it

https://t.co/M7ZcWp2SGs

— Dave Stewart (@DaveStewart) April 27, 2016

Dave just posted a link to a rather interesting article by the financial advisors at "Time" magazine discussing Prince's estate and what may happen.

[Newzchspy]

Originally Posted by olive

they said on the news his sister went to a lawyer and wants everything divided equally among her and their half siblings Providing what the state laws are they ( the state ) can take all of it

Minnesota, like ALL states, has specific Intestancy Laws (intestate means you pass without a will). Since he has no living parents and no children and/or spouse, the ONLY ones left to consider are: Siblings and half-siblings, known as half-relatives. From what I can see, his sister and half-siblings (relatives) will be splitting the shares of the estate. Allegedly, the estate is $300 million, BUT that will be determined through estate accounting rules and an estate tax return will also have to be filed within 9 months of death unless there's an extension. Uncle Sam will also be getting a LOT of $$$. I have the feeling that his sister Tyka will be running the show as the Executor. NOTE that an alleged Love Child in his 30s (male) is claiming that Prince is his dad from a fling Prince had with the man's mother in the 80s. IF this is true, then said LOVE child gets it ALL!! So, the alleged Love Child would knock out the siblings and half-siblings IF true. Remember, its all about the $$$......

Segue here, BUT news is reporting that he had prescription drugs in his home and on his self at time of death. I'm gathering that IF it wasn't his epilepsy, it was an OD from the way they're making it sound. The Enquirer is now saying that AIDS killed Prince. I suggest we let this all just run its course and wait for the official autopsy report and lab findings.

[BlueDenimLamp]

Originally Posted by Newzchspy

Minnesota, like ALL states, has specific Intestancy Laws (intestate means you pass without a will). Since he has no living parents and no children and/or spouse, the ONLY ones left to consider are: Siblings and half-siblings, known as half-relatives. From what I can see, his sister and half-siblings (relatives) will be splitting the shares of the estate. Allegedly, the estate is $300 million, BUT that will be determined through estate accounting rules and an estate tax return will also have to be filed within 9 months of death unless there's an extension. Uncle Sam will also be getting a LOT of $$$. I have the feeling that his sister Tyka will be running the show as the Executor. NOTE that an alleged Love Child in his 30s (male) is claiming that Prince is his dad from a fling Prince had with the man's mother in the 80s. IF this is true, then said LOVE child gets it ALL!! So, the alleged Love Child would knock out the siblings and half-siblings IF true. Remember, its all about the $$$......

Segue here, BUT news is reporting that he had prescription drugs in his home and on his self at time of death. I'm gathering that IF it wasn't his epilepsy, it was an OD from the way they're making it sound. The Enquirer is now saying that AIDS killed Prince. I suggest we let this all just run its course and wait for the official autopsy report and lab findings.

This just in...

MINNEAPOLIS – A Minnesota judge appointed a corporate trust company on Wednesday to temporarily oversee Prince's multimillion-dollar estate, saying the emergency appointment was necessary because the superstar musician doesn't appear to have a will and immediate decisions must be made about his business interests.








Judge Kevin Eide granted a request from Prince's sister to appoint Bremer Trust as special administrator, giving the company authority to manage and supervise Prince's assets and identify his heirs. Eide said Prince had no appointed personal representative but had substantial assets and owned businesses that require immediate attention and ongoing management.

The judge also noted that identities and addresses of Prince's heirs need to be determined. Prince's only full sibling, Tyka Nelson, requested the move Tuesday, telling the court she believed her brother didn't have a will. Prince also has five surviving half-siblings who could share in the estate.

Eide wrote that Prince died "intestate," meaning he did not have a valid will, and said there was no pending application or petition for probate of a will in any court. However, someone could still come forward with a will or trust document, which happened after Michael Jackson died in June 2009. Jackson's longtime lawyer John Branca filed a will six days after his death, upending moves by Jackson's mother to become his estate's executor based on her assumption there wasn't a will.

For now, Bremer Trust will act as special administrator for six months or until a personal representative is appointed, whichever is less.

Later Wednesday, the estate already had its first claim against it, with a filing from a California man who claimed that Prince had transferred ownership of his music catalog to him in 1995.

Prince, 57, died last week at Paisley Park, his famous home and recording studio complex in suburban Minneapolis. His cause of death hasn't been released. An autopsy was conducted Friday, but results aren't expected to be released for weeks.

The value of his estate isn't known. Prince made hundreds of millions of dollars for record companies, concert venues and others, and the outpouring of grief and nostalgia after his death prompted fans to buy 2.3 million of his songs in just three days.

Prince also owned a dozen properties in Minnesota, most of it undeveloped land and some houses for relatives, worth about $27 million, according to public records. He also sold more than 100 million albums, and concert industry magazine Pollstar reported that in the years Prince's tours topped the charts — 10 years over four decades performing — they raked in $225 million in ticket sales.

But it's not clear how much money Prince had when he died, given that he had to pay record labels and staff and cover other expenses.

On Wednesday, Eide said Bremer Trust was in the best position to handle Prince's estate. The judge noted that its affiliate, Bremer Bank, had worked with Prince and has knowledge of his personal and business finances.

The judge said Nelson and one of Prince's half-brothers, Omarr Baker, were part of the telephone conference that prompted his decision Wednesday. The judge said no one objected to appointing a special administrator.

Under Minnesota law, if a person dies without a will — and with no surviving parents, children, or grandchildren — the next people in line to share in the estate are the surviving siblings, including half-siblings. Prince wasn't married and had no known living children.
News Article

Just because his sister says there was no will doesn't mean there isn't one...
Michael Jacksons mother tried the same thing and a short time later...SURPRISE a will turned up...

From what I read in the Time article I posted If Prince had set up any trusts or corporations lack of a will might not be as big a deal as everyone thinks...
The stipulations of any existing trusts are independent of any will (or lack of)...
Let's say Prince set up "Paisley Park Corporation" It's possible that the corporation owns "Paisley Park" (Residence & Studios) The record label (New Power Generation) He also may have set it up that his record lable NPG owns all of his music (Publishing /Recordings) somewhere in the corporate paperwork it may specify what will happen if he dies.
Prince seems to have been a meticulous planner...So I would imagine he just didn't plan for anything...

[Newzchspy]

Originally Posted by BlueDenimLamp

Prince seems to have been a meticulous planner...So I would imagine he just didn't plan for anything...

Meticulous enough NOT to have a simple will or trust???

Now there's rumor that IF he has an illegitimate child an IF this is true, then the child GETS IT ALL!!

Here's the thing. Dying INTESTATE (without a will) makes it hardest on the loved ones who try to "recreate" what Prince intended. Given the fact that he had NO will means that the court is "left" to clean up the mess LEFT when there is no trust or will to "instruct" the court what to do. The real difficult part of this that COULD HAVE and SHOULD HAVE been negated is this: All he had to do is a holograhpic will (self-written) , properly witnessed and notarized and this would all go away. NOW, its going to cost perhaps $millions to clean up the mess.

[Macfanforever]

The rag mags are having a field day with Price with different BS stories .OK what really happen as they say.One says he was murdered,another says that he died of aids,another said he committed suicide.And it will go on for weeks.All bunch of rubbish.

[~*BellaDonna*~]

Originally Posted by BlueDenimLamp

Looks like Prince died WITHOUT a will...So let the fighting between his siblings /Lawyers and the courts begin!

It will be interesting to see what becomes of the material in "The Vault"...
I was reading an article recently and Prince said "I don't always give the best songs to the record company and I have entire albums by "The Revolution" and "Vanity 6" just waiting to be released"...
It's said that Prince has enough recorded material put away to release an album a year for the rest of the century.

He had no will? That's very odd.

[lennonfan]

what a tragic loss, obviously Stevie is very upset as is many artists and fans the world over. I became a fan in 1980 with Dirty Mind, still the most outrageous and perverted yet funny record I've ever heard.

[Aussie W/Heart]

Today Channel 7 indicated that Prince died from the Aids virus, recently hospitalized with like flu symptoms and using prescription pain meds, my guess he knew his time was up and wanted to die at home .. Rest his soul, so sad.
He toured here in Oz not so long ago, giving only 3 weeks notice that he was coming..

Apparently his estate is worth $150 mil,

RIP Prince

[BlueDenimLamp]

Prince's band the Revolution are reuniting, touring soon https://t.co/xL1N0NzrP2 pic.twitter.com/WSIkzQEYUH

— Pitchfork (@pitchfork) April 26, 2016

Oh...Look...How convenient...The revolution is reuniting less than a week after Prince's passing... They must be seeing $$$$$....

[Missy]

Originally Posted by Aussie W/Heart

Today Channel 7 indicated that Prince died from the Aids virus, recently hospitalized with like flu symptoms and using prescription pain meds, my guess he knew his time was up and wanted to die at home .. Rest his soul, so sad.
He toured here in Oz not so long ago, giving only 3 weeks notice that he was coming..

Apparently his estate is worth $150 mil,

RIP Prince

I saw it on Channel 10 too. But they once reported as a leading item that Brangelina were breaking up and it wasn't true. The story seems to come from the National Enquirer (Radaronline is also affiliated with that magazine). When Michael Jackson died there were many claims made in tabloids about his physical condition. Some were true, some were very exaggerated.

I am going to wait for official reports still. Part of me is thinking maybe this is the real reason why he became so private in later years and turned to religion. But then if he knew he was dying why didn't he make a will?

Whatever caused this, it's very sad and we have lost another great artist.

[SisterNightroad]

I think he was ill but didn't think he would die so soon, in fact he started to work on his biography a little more than a month ago but as many already said he didn't left behind a will.
I bet it was a terminal illness.