The inheritance saga in the wake of Prince’s death continues. Since reportedly dying without a will, potential heirs are coming of the proverbial woodwork and claiming they are entitled to a piece of Prince’s fortune. According to Minnesota law, if there is no will, the deceased’s estate first goes to his spouse. If there is no living spouse, then the estate would go to the deceased’s children. If there are no living children, then the parents inherit the estate. Finally, if no living parents, the estate would pass to the deceased’s parents’ descendants (i.e., the siblings of the deceased). …
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What Happens if You Die Without a Will? Taking a Lesson from Prince
On Tuesday, Prince’s sister, Tyka Nelson, filed an emergency motion in Carver County District Court requesting that the Court appoint a special administrator to gather and protect Prince’s assets. She also claimed that, to the best of her knowledge, no will existed. The assets are estimated to be worth $100 – $500 million and are comprised of real estate holdings, including his Paisley Park Complex outside of Minneapolis; his music catalog, including licensing rights for television, film, and commercials; and album sales. It is estimated that in the week after his death, 2.8 million of his songs – and over 650,000 albums – were sold…