Prince. Photo courtesy of FactMag.
Summary: Prince’s only full sister filed a lawsuit today, stating he did not have a will.
Fans continue to mourn Prince, the beloved artist who was so remarkable he was known by a first name, a symbol, and a color. And while they also wait for the autopsy report for answers as to why he died at the age of 57, another tough issue has risen—who will claim his estate? While talking about business so soon is considered tacky by many, it is important to know who will be in charge of his legacy.
NBC News analyzed this recently. They said the late musician had earned hundreds of millions during his career, but it was unclear how much was actually his to keep. Furthermore a will has not yet emerged, and CNN reports that his full-sister Tyka Nelson, filed papers in probate court today, stating that he did not have one.
Prince was never married and had no children that the public is aware of. Besides Tyka, he has five living half-siblings. If it is true that he has no will, his estate could end up equally divided amongst the group, experts said.
Although Tyka claims there is no will, NBC said there could be one secretly. They wrote that, “Under Minnesota law, a person can file a will with a probate court in secret. If Prince did so, the fact one exists would become public once a death certificate is filed, but the medical examiner has not yet issued one for Prince.”
Prince’s reported assets include a dozen properties around his famous Paisley Park complex in Minneapolis that total to about $27 million. The person or people in charge of his estate will also be entitled to future earnings from licensing his personal brand. Mark Roesler, the chief executive at CMG Worldwide, which handles licensing for late celebrity estates, said that Prince’s estate could make money comparable to Elvis Presley’s estate. Elvis’s estate earned $55 million in 2015, according to Forbes.
It is unclear how much of Prince’s earnings are actually left, but the AP did not find any debts such as liens or mortgages on his property.
As of now, it seems as if Prince does not have a will, but CNN wrote that it is too early to know for sure.
“Presumably, by now a lawyer would have come forward if Prince had drafted a trust,” CNN stated. “But it has only been a few days since Prince’s death, and anything can happen.”