Who will get his millions?
This article in USA Today states; Prince left no will, according to documents filed Tuesday by his sister, Tyka Nelson, in probate court for Carver County, Minn., where the beloved pop icon died suddenly last week at his Paisley Park compound.
“The Decedent died intestate,” Nelson said in her petition for the appointment of a special administrator to deal with Prince’s estate, which has been widely reported to be valued at $300 million.
Nelson said her brother left no surviving spouse, no children and no parents. Besides Nelson, his full sister, he is survived by half-brothers and half-sisters, whom Nelson names in her petition as “interested parties” to the Prince estate to her knowledge thus far.
The adult half-siblings are: John Nelson, Norrine Nelson, Sharon Nelson, Alfred Jackson and Omar Baker. She also listed another half-sister, Lorna Nelson, who has died and did not have children. There was at least one other sibling identified as a stepbrother, Duane Nelson, who also has died, but Tyka Nelson did not list him as an interested party.
“I do not know of the existence of a Will and have no reason to believe that the Decedent executed testamentary documents in any form,” Tyka Nelson stated in the petition.
It’s possible there is a will and Nelson doesn’t know about it, but no one has come forward yet to say so. Calls to the office of Prince’s longtime attorney, L. Londell McMillan, were not answered.
When someone dies intestate, without a will, a probate court takes over the administration of the decedent’s estate and distribution of assets, which Nelson listed as “Homestead, other real estate, cash, securities and Other.”
Her petition said Prince had “substantial assets consisting of personal and real property that requires protection.” He “owned and controlled business interests that require ongoing management and supervision.” And he “has heirs whose identities and addresses need to be determined.”
She said “an emergency exists to the extent that the appointment should be made without notice because immediate action and decisions need to be made to continue the ongoing management and supervision of Decedent’s business interests; and because the names and addresses of all interested parties are currently unknown.”
She named Bremer Bank, National Association, as Prince’s longtime banker, which would be in “the best position of any corporate trust company to protect the Decedent’s assets pending the appointment” of an executor.
According to estate lawyers contacted by USA TODAY, when there is no will, state laws on inheritance prevail. In Minnesota, for instance, half-siblings are treated the same as full siblings for the purposes of inheritance. Nelson’s filings on Tuesday come as a surprise. Estate lawyers and Prince’s former manager, Owen Husney, said they would have expected Prince to have drawn up a will and an estate plan long ago.
Husney said he was too smart to have overlooked something that crucial and he had teams of lawyers, business managers and accountants over the years who would have advised him it was crucial.
So what’s the lesson learned here? Let’s start with you should have a Will.
If you die without a Will, the people who inherit may not be those you want to receive your money or personal property when you die! This could include remote relatives you haven’t spoken to in years. If the Public Administrator is appointed to administer the estate, they will auction or dispose of your intimate personal property and your family may never have an opportunity to receive, or pass on, items which may have wanted them to have.
If you die without a Will in New York, your estate will pass under the laws of the State of New York. When an estate is handled by the Public Administrator, heirs may be required to partake in potentially lengthy and costly legal proceedings to prove their relationships before they can inherit. The Court may also appoint a “Guardian ad Litem” for “unknown” persons. This Guardian ad Litem, along with the Public Administrator, will get a fee from your estate! If your heirs cannot prove their relationship to the Court, your estate may be paid to the State of New York.
Having a Will can ensure those you select inherit from you, reduce expenses, and expedite handling of your estate. It also allows you to nominate an Executor, who is the person who collects your assets and delivers them to your beneficiaries. If you have the right Executor, your estate should move swiftly. Lastly, if you already have a Will and haven’t reviewed it in over two years, now is the time to do so to ensure your current wishes are carried out.
If you have any questions about drafting a Will or revising an existing Will feel free to reach out to me.
Regards,
Matthew S. Raphan, Esq.
mraphan@raphanlaw.com
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