It’s almost been a week since Prince died and mysteries surrounding his death remain. While fans mourn the pop star’s untimely passing, new questions about his fortune have mounted. Who will inherit Prince’s estate worth over $250 million?
CNN is reporting that Prince did not have a will in place at the time of his death. Even more, Prince did not have any surviving children and had no wife. Without a clear line of inheritance, Prince’s family members have started the legal process that will eventually decide who gets the majority of his fortune.
“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,” Tyka Nelson, Prince’s only sister, stated in court documents.
At the time of his death, Prince’s fortune was estimated at around $250 million. However, since his passing, that number is only expected to increase — perhaps another $100 million — following a boost in album sales. For her part, Tyka is Prince’s only full-blood sibling, although he did have a number of half-siblings, including Norrine Nelson, John Nelson, Alfred Jackson, Omar Baker, and Sharon Nelson.
Tyka has already requested that a third party controls what happens to Prince’s vast estate, which is typical with wealthy estates and assets. In the most likely scenario, Tyka and the rest of Prince’s half siblings will receive parts of his fortune, brand, record label, and unpublished songs.
That being said, there is a chance that Prince did have a plan of inheritance. Although Tyka is unaware of a will, there is a possibility that Prince wrote one before his death. So far, a lawyer has not come forward with a will or trust, which makes it likely Prince did not have any plan of action.
According to People, the Carver County Sheriff’s Office has not received a will for Prince.
“We do not have any wills filed at this point in time,” Jeffrey P. Scott, a lawyer in the county, shared. “There’s statutes that will say exactly who is to take his property and in what percentages. And the first people are spouses and children.”
Of course, Prince did not have a spouse or children. As fans might recall, the pop superstar’s baby with Mayte Garcia passed away shortly after birth. Prince later divorced Garcia and married Manuela Testolini, but they separated back in 2006.
Although the estate will likely be split between Prince’s relatives, his interactions with the Jehovah’s Witnesses have raised questions as to whether or not he left any money to the church. As of now, the organization has no plans to go after any of Prince’s fortune.
If Tyka is rewarded the majority of Prince’s fortune and assets, it is likely that she will decide to do whatever is best and will not tarnish her brother’s memory. Whether or not this means that Prince’s other relatives will receive any money is unknown.
“Being a musician herself and his blood relative, the assumption is that she will not simply follow the money, she will act in the estate’s best interests by not extending his name to causes he did not believe in just to produce an income,” Kamilla Mishiyeva, an attorney based out of New York City, explained.
At this time, the inheritance process will likely drag on, while the court figures out the details of Prince’s vast estate. Whatever ends up happening, his family and close relatives will probably get a fair share of his fortune before things are settled. Exactly how this affects Prince’s record label and music that had not been released is yet to be seen.
Tell us! Do you think it is fair that Prince’s fortune be split between all of his siblings? Let us know in the comments below.
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