A lack of estate planning has created a chaotic situation for the massive estate left by the late pop star Prince. The "Purple Rain" singer died in April of this year and no one has been able to locate a will, according to The New York Times. This leaves Prince's heirs battling over who will control his estate, which some estimate to be worth over $300 million.
Prince was not married at the time of his death and did not have any living children or parents. Under Minnesota law, his estate is set to go to his biological sister and five living half-siblings. To complicate matters, dozens of purported relatives have emerged seeking a piece of the estate. Vulture reports that a judge reportedly dismissed 29 claims in July, and ordered DNA testing for Prince's half-siblings.
Extensive property portfolio
In addition to cash, Prince also had an extensive property portfolio that spans many states. A trust received permission to begin selling off six of Prince's properties, and the family has said that they will keep his famous recording studio and event space called "Paisley Park."
The size of Prince's estate will likely result in a major tax hit for his heirs. It is possible that Prince's massive catalog of unreleased music may be used to help defray some of those tax costs in addition to the expense of the lawyers that the family has hired to sort out the estate.
One of the best gifts that you can give your family upon passing is clear direction for how you want your assets to be handled. The stress of estate litigation can have a serious toll on grieving relatives and result in chaotic situations like those now facing the Prince estate. To protect your loved ones and the wishes of family who have passed away, speak with an experienced estate planning attorney to discuss your plans.