Prince reportedly died without making a will
By z4027672030, May 3 2016 08:12AM
The music industry recently lost yet another talent, with Grammy Award-winning singer Prince passing away at his home in Minnesota, aged 57.
It is believed that his net worth is around $300 million, excluding the value of his unreleased music. His estate alone has a music studio and various other buildings contained within the grounds.
But it has also been reported that the singer died without making a last will and testament, meaning his estate will be divided amongst his next of kin.
State law says his estate will be inherited by, in no particular order, “grandchildren, parents, brothers and sisters, or more distant relatives if there are no closer ones.” His parents are no longer alive, and he hasn’t got any children to inherit his estate.
The subject of creating a will had been broached with Prince several times, it has been revealed, although he often dismissed the subject.
As a result of not making one, it is believed that his estate will be divided amongst his siblings.
The singer had eight brothers and sisters, and only one was a full sibling. Although two of these siblings have passed away, their children would be entitled to the same amount as their parents would have received.
Whether this would have been his wishes or not is now irrelevant, as it will be down to the court to decide how his assets will be divided.
If you haven’t created a will and would like to outline what will happen to your estate and assets after you pass, our Devon wills and probate solicitors will be able to help you draft a will, to ensure your final wishes are carried out after you pass. Please contact us for more information.
Photo courtesy of Fasol Prod on YouTube, under Creative Commons