Prince’s $250 Million Plus Wealth Has No Legal Takers? Singer Had No Will

[Guest Nicole]

While the untimely death of iconic musician Prince left millions of his fans in deep grief, suspense looms on the inheritance of Prince’s massive estate including Paisley Park.

With an estimated worth of $250 million and another $100 million set to be added in the next five years, Prince Rogers Nelson’s wealth was reportedly not apportioned in a proper will. He died on April 21 at the age of 56. Prince had already lost his parents but has a biological sister. Besides the biological sister Tyka Nelson, he has three more half-brothers and two half-sisters. Though many see Tyka as the most likely candidate, reports say disputes are possible.

He married twice. Prince’s only child with ex-wife Mayte Garcia died soon after birth. His second marriage with Manuela Testolini was annulled in 2006.

According to estate attorney Jeffrey P. Scott, a partner at Jeffrey P. Scott & Associates, the inheritance issue can turn ticklish if no will is confirmed, reports the website People.com. 

In the absence of a will, it is possible that that all of Prince’s siblings can split the fortune. Minnesota probate code allows such sharing of assets among siblings as well as half-siblings.

Scott also noted that organisations like the Jehovah’s Witnesses, in which Prince was a member cannot claim his money unless named in the will.

However, attorney Kamilla Mishiyeva of New York City’s Mishiyeva Law threw  caution and said:“The likeliness of a will contest or a claim against the estate is very likely.”

Some media reports highlighted the richer musical legacy left behind by Prince in unreleased work. So far the artist has released 39 studio albums and at least 26 albums’ are waiting to be released at his Minnesota mansion, reports Quartz.

According to Susan Rogers, Prince’s former sound engineer” “It’s an actual bank vault, with a thick door,” referring to the unreleased stash of music.

Prince himself said in a media interview that heavy work is in the pipeline: “I’ve vaulted so much stuff, going way back to the ’80s, because I didn’t want people to hear it—it wasn’t ready,” the musician told the New York Post in 2015.

“One day I’ll go back and finish it, and it’ll feel like no time has passed. To me, time folds back on itself.”

The musician had many ongoing legal battles with music labels including Warner Bros over artistic ownership.  Only one song of Prince is available on Spotify after the artist withdrew his catalogue from major streaming services in 2015.

Source: http://www.australianetworknews.com/princes-wealth-will/