In April 2016, Prince’s sister, Tyka, initiated proceedings to appoint a special administrator to assist in the probate of the pop star’s multimillion dollar estate. The special administrator appears to be necessary because, notwithstanding Prince’s vast wealth, Prince appears to have failed to prepare a will. This seemingly minor oversight might prove disastrous to both Prince’s estate and his surviving family. If, in fact, Prince did die without a will, his assets will be divided equally between his heirs which, at this time, appear to be Tyka and his five living half-siblings.
The upshot of Prince’s lack of estate planning is that his heirs will likely engage in messy and expensive probate litigation for months if not years to come. What’s worse, the State of Minnesota, not Prince, may very well dictate how his estate will be distributed. If Prince intended to provide for the children of his deceased half-brother and half-sister, well, those children might be out of luck. If Prince wanted certain persons to inherit his unpublished music and intellectual property, those intended recipients might likewise be out of luck.
Estate planning does not need to be complex, nor need it be expensive. No matter what your age, if you are reading this post and don’t have a will, then get one.