Prince Rogers Nelson was born in Minneapolis, Minnesota on June 7, 1958. He died on April 21, 2016 in Chahassen, Minnesota at his Paisley Park recording studio complex at the age of 56. Prince was a musician and an artist who inspired millions through his music. He made millions of dollars recording music for over 30 years. At the time of his death, Prince’s net worth was valued at around $300 million. According to Prince’s sister, Tyka Nelson, Prince had no known will. He left behind one full sibling and five half siblings. Without a will that determines what happens to Prince’s estate, its future could be very complex. Entertainers are usually known for avoiding convoluted situations such as these through estate planning. Ms. Nelson is Prince’s only full sibling. She filed paperwork asking a Minneapolis court to appoint a Special Administrator to oversee his estate. She asked that Bremer Trust be named administrator. In her filing, she stated that immediate action is necessary to deal with Prince’s business interests. A court hearing to determine the fate of Prince’s estate—including the contents of a secretive vault the musician left behind at Paisley Park—concluded on May 2, 2016 with Bremer Trust appointed as Special Administrator during the succession proceedings. The court determined that possible heirs had been contacted.
What resides in the vault at Paisely’s Park is anyone’s guess, but Prince’s half -brother claims that if it contains music, he wants the world to hear it. But that of course may not be up to him. There are five other heirs that may not have the same opinion. Some sources have said that the first meeting among the heirs was contentious and ended in shouting. Dividing all of Prince’s assets may get acrimonious. It is one thing to divide money between heirs but it is another to divide a guitar collection or an unfinished piece of music. What if they do not agree on how to use or sell those things? A will would have left most of these questions with clear answers; but without a valid will, the questions will be left to the court system. Until then, we are left with more question than answers.