Jump to Navigation

Many individuals across the country, including in Maryland, mourned the recent passing of music superstar Prince. As celebrities and musicians continue to pay tribute to the late artist, his family is left to handle his estate issues. Due to his failure to leave a will, his sister Tyka Nelson has recently filed documents for the estate to go through probate.

The probate process will likely be handled by state law if no estate documents are located pertaining to Prince's wishes on how the estate issues should be handled. Though Nelson believes that no documents were created before her brother's passing, it is unclear whether a trust was set up. If it is determined that no plans were made, it is likely that his closest living relatives will receive portions of his $300 million estate.

Though his sister is his only full sibling, the musician also had five half siblings. It is likely that those individuals will be entitled to some inheritance, depending on the probate outcome. However, it is unknown which assets will likely go to which relative, as Prince's wishes were also unknown. This lack of information could also set up complications should other individuals come forward claiming stakes in the estate or if the probate outcome is contested.

Because situations such as this could easily become drawn out and potentially difficult to sort through during probate, creating a will or other estate planning documents could be useful. Maryland residents who wish to keep their surviving loved ones from facing such complications may wish to work on their plans early on. This preparation could make a difficult time easier on family members.

Source: ktla.com, "Prince Left No Will, Sister Says; Documents Filed to Open Probate Case", April 26, 2016

No Comments

Leave a comment
Comment Information