What will happen to Prince’s Fortune?
The musical icon known as Prince passed away on April 21st 2016 at the age of 57. Prince Rogers Nelson died intestate (without a Will) at his home at Paisley Park in Minnesota. The estimated $150 million dollar fortune left behind by the mogul is now currently up in the air, as Minnesota inheritance laws will determine who the fortunate recipient will be.
Initially valued at $300 million, Prince’s fortunes have dwindled away over the years, possibly due as some would suggest, to a lack of high-powered attorneys and a constant rotation of financial advisers to look after his affairs.
How will Prince’s $150 million dollar fortune be dispersed?
While Minnesota law dictates that the music titan’s estate and assets will be dispersed among his siblings and half-siblings, things could get a bit tricky if the family members can’t come to a consensus on how much items from their late brother’s estate is valued at. After a musician passes away, for instance, there is generally an uptick in album and record sales, and Prince is of course no exception. Following Prince’s untimely death on April 21st, his record and album sales soared to a whopping 4 million copies just a mere eight days later. There remains a treasury of unrecorded songs from the late singer, and there may be disputes among his siblings as to how much the valuation of these unpublished songs would be and what should be done with them.
Furthermore, there is the added issue of how Prince’s image will be used to sell merchandise in the future; who gets the right to decide how his image will be used on products and for what valuation? It appears that things are already off to a rocky start, with Prince’s siblings allegedly bickering and shouting at their initial meeting together to discuss these matters.
Another reminder of the importance of a Last Will and Testament.