When music superstar Prince died, multiple people came forward attempting to claim a piece of the singer’s vast and valuable estate. With the lack of a valid will, trust and estate litigation matters have caused a host of complications for rightful heirs and members of the family. At this point, it is believed that Prince’s siblings will be the ones to inherit the estate.
New York readers may know that a hearing has been scheduled to resolve a dispute between the people who are the likely heirs and the trust company that has been managing the estate. In addition to money, the singer left behind valuable properties, royalty rights and other assets that must be distributed. There are various attorneys, accountants and financial experts involved in this complicated process.
While there has not been an official valuation of the estate released, it is estimated that it could be worth between $100 and $300 million. It is thought that about half of the estate will be claimed in tax payments, but what remains will be divided between the heirs. Some of the singer’s real estate holdings have already been put up for sale.
In New York and elsewhere, trust and estate litigation matters can add complication and increase tensions during an already complicated time for a family. For this reason, it is important to work with an estate planning lawyer who can explain options and put important legal protections into place. A family always benefits when a loved one has made his or her intentions for an estate clear by having a valid, updated will or establishing trusts.
Source: CBS Baltimore, “Still No Will, But Work to Settle Prince Estate Forges Ahead“, Steve Karnowski, Sept. 25, 2016