RIP Prince

[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...