Prince's untimely death on Thursday, April 21, has brought to light questions about his $300 million fortune. The "Purple Rain" singer reportedly didn't file any will in court and with no children, his assets and net worth could be heavily contested. Who will get his money and properties?
The Carver County Sheriff's Office revealed that Prince Rogers Nelson, best known as the iconic music artist Prince, did not have any formal will. Thus, following the statutes of the county, his properties and assets should be divided among the spouse and children, according to Minnesota lawyer Jeffrey P. Scott, per People.
However, Prince has been married and divorced twice to Mayte Garcia and Manuela Testolini. He has no children with his ex-wives and his only son with Garcia died in infancy. Thus, he has no spouse nor children as beneficiaries.
Prince died without any financial advisers or civil lawyers, putting his $300M fortune in a state of uncertainty https://t.co/wBpNEpTHGh
— New York Post (@nypost) April 25, 2016
Prince Net Worth: Siblings, Relatives And Potential Messy Distribution
Based on Minnesota's statute 524.2-103 his parents and siblings should inherit his fortune if there are no wife and kids. With his parents long dead, Prince's only sister, Tyka Nelson, becomes the likely beneficiary.
However, Prince also has half-siblings - Norrine Nelson, Omarr Baker, John R. Nelson, Alfred Jackson and Sharon L. Nelson - and state laws require that Prince's $300 million net worth should be distributed among them too. The type of relationship the half-siblings have with Price and Tyka are not known.
Experts on inheritance laws point out that the whole distribution could end up in a messy battle in the absence of an actual will. Los Angeles lawyer Laura Zwicker, who handles clients with vast fortunes, said that aside from not knowing who should get what, unknown relatives could come forward with claims.
"In a lot of cases, they end up having actual illegitimate kids that nobody really knew about," said Zwicker via Business Insider. Also, there's the matter with taxes imposed by the IRS on inheritance.
Per Celebrity Net Worth, fortunes over $5,450,000 -- and are not part of a will -- carry a 40 percent tax. Prince's beneficiaries would be left to divide $120 million, and not $300 million, among themselves.
Prince Net Worth: Who Gets Future Earnings?
Prince's future earnings could also be heavily contested when record companies, producers, streaming services and advertisers come into play. As artists continue to earn royalties for their songs, it's still unclear who will be managing this.
Prince also kept a collection of unreleased songs that can sustain his music legacy for many years. Its licensing, rights and distribution could also become a legal battle, per Daily Mail.
