Over ten days has passed since the death of the legendary singer, Prince. The cause of death will not be released for weeks or even months. Yet one key detail has surfaced: the singer has very likely passed without a will. The keyword “likely” as a will has not yet been found. While there is still a small possibility a will could be discovered, it does not look likely. And if Prince did in fact die without a will, the legal battles are just beginning.
Estimated $250 Million Estate at Stake
What exactly is at stake since Prince allegedly left no last will and testament to provide any sort of legal guidance? While the number is not final, it has been estimated that his estate is worth well over $250 million. That is a vast estate that is left for the probate courts in Minnesota to evaluate. With no named heir, intestate laws may play a huge role in the matter.
So far, a brief hearing was held on May 2, where a temporary special administrator was appointed to represent Prince’s estate. A surviving half-sibling is at the forefront of this estate planning headline. However, certain assets will pass through without the need of the probate court. For example, bank accounts with a primary beneficiary are straightforward matters.
Yet, there could still be a very long and messy legal battle ahead as more family members start to come forward. This should be a very big lesson to anyone who does not have a will. No matter how big or small your estate may be, you should still have a will in place at the very least. You do not want to leave behind a burden like this to surviving loved ones.