Prince Died Without A Will

Jeanne-Anderson-Stillwater-LawyerUnlike most celebrities, who use Revocable Trusts to maintain their privacy and to avoid Probate, Price died without a Trust and without even a Will – he died “Intestate.”  Today Prince’s sister, Tyka Nelson, filed a Petition for Formal Appointment of Special Administrator in Carver County, Minnesota, for the Estate of Prince Rogers Nelson.  His Estate will be administered under a Formal Probate Proceeding, supervised by a Judge.  We the public will be able to see an Inventory of His Assets and learn who will inherit his assets, which are said to be in excess of $300 million.  Tyka has requested to be appointed as the Special Administrator.  All of the assets values are listed as “unknown.”  This proceeding will give us an unusual inside view of a celebrity estate, as all Probate Court documents are public.  I think given what a private person he was, this is not the way he would have preferred his estate pass to his heirs, and I really wonder why one of his advisors did not press him to get a Revocable Trust established.  I also think he missed an opportunity to donate to his charitable causes.   If you would like to see a copy of the Petition, please contact me and send me your email address and I’ll send it to you. Perhaps we can all learn something from this.

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