Carley’s Corner – Prince’s Complicated Estate
Prince Rogers Nelson, born on June 7th 1958 in Minneapolis, more commonly known as the musical legend Prince - was known across the world as one of the best-selling artists of all time. Signing his first record deal at the age of 19, Prince went on to release timeless albums, many of which are still popular today. Prince sold over 100 million records worldwide and is estimated to have written anywhere between 500-1,000 songs for other artists throughout his lifetime. There is no denying the imprint that he left on the entertainment industry.
Prince passed away on April 21st, 2016 at the age of 57, from an accidental fentanyl overdose. His death left the music industry devastated. He left behind many assets, many relatives, and no Will or estate plan in place.
Prince’s estate was valued at a whopping $156.4 million and consisted of assets such as bank accounts, properties, memorabilia, music publishing, and licensing rights, to name a few. Since he had passed without a Will, his estate was left in the hands of the Minnesota probate court. $156,400,000.00 is much money to leave up in the air!
To make Prince’s estate more complicated, he wasn’t married and had no children which meant his estate was to be divided between his six siblings. As these things usually go, his siblings did not agree on how the estate was being handled and it eventually became a six-year court battle, during which two of the siblings died, making the process of probate that much more complicated.
In the end, the estate was finally settled after the six-years in court, however millions of dollars were lost to taxes, legal bills, and penalties. The worst part? Prince had no say in how he wanted his estate and legacy handled. If he had an estate plan in place, he would have been able to explain exactly how he wanted his affairs and personal image handled after his death. The years of court battles, and costly errors would instead have been replaced by meaningful gifts to those he loved and cared about.
The lesson that we can all take away from Prince’s estate is to simply have a Will and estate plan in place. Often times, we feel as though we have plenty of time to get our affairs in order when the reality is that we never know when our time may come. Ensure that you are leaving your legacy how you wish, and have a say in how your affairs are handled.
Are you the executor of an intestate estate? We at ETP Canada know that this can be a daunting and overwhelming role to take on and are here to help ease the burden. To book a free phone consultation with a member of our team, click here.
This blog is not intended to be legal advice and should not be relied on as such. If you require legal advice, please contact a legal professional concerning your particular circumstances.