According to documents obtained by People Magazine, Prince did not have a Last Will and Testament. Prince’s sister Tyka Nelson filed an Emergency Petition in a Minnesota Court seeking the appointment of a Special Administrator.
Sources report Prince’s sister as stating, “I do not know of the existence of a Will and have no reason to believe that the Decedent executed testamentary documents in any form,” states the document, which was filed in Carver County Minnesota.
An Administrator is appointed to settle an estate after a person has died. A petition must be filed with the court and a personal representative must be appointed. The personal representative is responsible for the following:
- Collection, inventory, and appraisal of assets of the person who has died.
- Protection of the estate’s assets.
- Payment of decedent’s debts.
- Distribution of the remaining assets to the proper parties as provided by law.
According to a survey conducted by FindLaw.com, 35% of those surveyed had a Will but individuals over the age of 65 did execute a Will. Without a Will, property passes according to the State’s intestacy laws.
Some sources believe that Prince’s current estate is valued at over $300 million dollars. The failure to execute a Will may result in his property being distributed in a manner contrary to what he may have wanted during his life.
If you or a loved one needs a Last Will and Testament or other Advanced Directives, contact the experienced attorneys at Hobson-Williams, P.C. at (718) 210-4744 to ensure that your property passes to those you choose and not according to the laws of intestacy.