Prince Left No Known Will, Battle Over $300M Estate Heads To Court
Legendary musician Prince has been dead for less than a week and the fight for his estate is already starting. Prince’s sister Tyka Nelson filed probate documents in the Carver County circuit court today, alleging that Prince himself had no known will, and a special administrator should be appointed to manage the division of Prince’s considerable assets.
Early reports mistakenly claimed that Tyka Nelson herself, Prince’s sister, requested that the court appoint her as special representative of Prince’s estate. However, since Tyka herself is potentially a beneficiary of the legendary musician’s estate, the probate paperwork she filed today requests that the court appoint the Bremer Trust to manage the division of Prince’s assets among his surviving siblings.
The Bremer Trust, Tyka claims, has managed Prince’s wealth for years and is well versed in the intricacies of his particular assets and affairs. First reported by TMZ, the probate paperwork filed today requests that the court appoint an outside special administrator to act as the executor of Prince’s estate — a move not uncommon under Minnesota law in cases when a decedent’s last will and testament is unavailable or, in Prince’s case, nonexistent.
Prince, whose estate is worth something like $300 million, didn't have a will, his sister says. https://t.co/j9RIvSPqMk
— Matt Pearce ??? (@mattdpearce) April 26, 2016
“I do not know of the existence of a will, and have no reason to believe that the decedent executed testamentary documents in any form,” wrote Prince’s sister, Tyka Nelson in her probate paperwork today.
Prince’s estate, Tyka’s probate request claims, should be divided up among surviving beneficiaries and family, including herself and six siblings, who she names in the Carver County Court filing. Of particular interest, however, is a single line from the Prince Estate probate paperwork, suggesting that Prince may have heirs and beneficiaries who the special administrator will need to identify and locate.
“The decedent has heirs whose identities and addresses need to be determined,” reads Tyka Nelson’s court filing today, requesting a special administrator to administer Prince’s estate.
Prince’s sister filed the paperwork today as part of an effort to secure Prince’s estate for all known and unknown heirs, stating in the filing that there exists an “emergency situation” with regard to Prince’s assets. Currently, due to a massive increase in Prince’s popularity as fans around the world mourn his untimely loss through his music, Tyka claims that the court must act swiftly to ensure that Prince’s estate is administered properly.
USA Today reports that heirs could stand to inherit a “small fortune” even after Prince’s estate is divided up among his surviving family — estimates place the value of his property alone at around $27 million.
Michael Jackson's estate has earned an estimated $1 billion since his death.
'#Prince's sister says he did not… https://t.co/1ZZhUu9pAv
— PK Manansala ?? (@kekai) April 26, 2016
Prince died late last week, and the cause of his death is still unknown. Rumors, however, have circulated far and wide that the late Prince Rogers Nelson may have had a drug problem, including an addiction to the painkiller Percocet, which may have contributed to his death. According to USA Today, Prince’s family members had previously spoken out about his addiction to cocaine and Percocet, expressing fears that the drugs would cause Prince to suffer an untimely death.
“I felt it was important that they know that in terms of the autopsy, so they could have some kind of direction,” said attorney Mike Padden, who previously represented two of Prince’s siblings. Padden recorded an interview with the Minneapolis Star-Tribune in which he alleges that Prince had a “significant problem” with Percocet and cocaine, over a decade ago.
On the other hand, Prince’s family and friends continue to claim that the legendary musician died from complications with the flu or another yet-undisclosed illness. Close friends of Prince have refuted rumors that the musician was addicted to drugs.
“I never knew of any opiate or cocaine problem. There’s no way you can do both of those and be as driven as he was. I never saw it,” said Robbie Paster, Prince’s former personal assistant.
[Photo by Kevin Winter/Getty Images]
