Family inheritance is made clear with a well-written Will. By creating a Will, you make a decision as to who will receive your assets when you die. Furthermore, if you don’t, then the state law will determine who can claim the family inheritance. But when facts are not too clear, it will absolutely lead to chaos. This is what’s exactly happening with the Prince estate.
🤑 Family Inheritance $300M at Stake
Reported to be worth as much as three-hundred million dollars before taxes, the Prince’s estate is still under great controversies and issues. In addition, the judge is still unable to determine who is the rightful heir of this family inheritance. Well, if the amount of cash in play is that big, it isn’t a surprise to see different people coming to claim his assets.
Prince’s music sales have soared by over sixteen thousand percent in the days after his death. With so much money involved, not to mention his musical legacy itself, it’s quite surprising to know that Prince seems to have died without a will. With that, the trouble followed for the Prince Estate.
👂 The Very First Probate Court Hearing
Prince did not have any known living parents, spouse or children. The only closest relatives he has are his five half-siblings and sister, Tyka Nelson. She filed a petition in the Probate court in Minnesota. The petition claims that Prince died without a will. Since then, reports have revealed that the heirs started arguing.
The very first probate court hearing happened on May 2, 2016, which was a very brief procedural hearing that only last for about 20 minutes. But despite the quick hearing, there were 11 lawyers who attended.
There is an ongoing search for a trust or will, but nothing came up. As the days pass, it becomes more unlikely to find a valid will to determine the rightful heir of the family inheritance.
According to the law professor from the University of Minnesota, Judith Younger, even if all the heirs are in agreement, it is going to take a long time to settle the estate. There are other claimants who are likely to show up too. Any incongruity with tax authorities regarding the estate value could lead to litigation.
💵 Inheritance Claims Shaken – Family DNA Sheds Light
Dozens of people also came forward, claiming to be his daughter, son or another relative. The DNA didn’t support them. The judge also denied their claims. It was determined that Prince’s 5 half-siblings and full sister can be qualified as heirs and a reported grandniece and a nice undergo DNA testing. However, the other two who claimed relatives admitted that they do not have a generic relationship with Prince.
Some found it hard to believe that Prince did not have a will, considering how careful he was in keeping control of his music and some of his business affairs. It has really created a huge mess and there has been a lot of people involved.
There are many questions without any clear-cut answer, making things become even more chaotic. It seems that the family inheritance battle will not yet end.
If you want to read a doozie check out Bill Gassett’s How to sell a house after a relative Dies.