There's speculation over the heirs to Prince's estimated $300 million fortune.
He had no surviving children and both of his parents are deceased. It is unclear if the 57-year-old had a will.
If he did not have a will, Minnesota law states that his estate would go to his sister, Tyka Nelson and his five living half-siblings.
According to tax attorney Bruce Givner, who is not affiliated with Prince's estate, told IE his money will go his siblings.
"Minnesota, like every state, has what is called an intestacy law. Intestacy meaning there is no governing document. The state has a law that says who gets it when you die," he said. "Minnesota says when there is no spouse, when there are no children, when there are no parents, it goes to the heirs of the grandparents. So, this is going to be split among his siblings."
Prince is believed to own the master recordings of his work, and ran the successful record label, NPG and his Paisley Park recording studio.
He made money from royalties of his songs, as well as royalties from songs he wrote for others artists including Sinead O'Connor's hit "Nothing Compares 2 U" and The Bangles "Manic Monday."
It is also believed that Prince had a vault of unheard music that could now be released to the public for the first time.
Wow!
ReplyDeleteSomebody gonna be very happy when a big cheque arrives. I guess all heirs will be called to a meeting with a gang of lawyers but it could take a long time before the money is released.
Prince really was a guy who kept to himself. He may have a hand written will hidden somewhere. They had the same problem when Howard Hughes died without a specific will. it took 34 years to settle his estate. I will put an article about Howard Hughes on FTBB. I ran across an interesting post about him and saved it.
Love and hugs
I saw the post and commented , it took 34 years to sort out Hughes will . When money is involved you find all types of weirdos .
ReplyDeleteDad knew Hughes , said he was not a very nice man , he became a recluse when his friends didn't think the money was worth them being at his beck and call . Dad said his friend told Hughes money couldn't buy happiness or love .
Love PIC