Last week we mourned the loss of music and entertainment icon Prince. According to court documents filed by his sister, he died without a will. This presents a number of challenges when dealing with Prince’s estate, both financially and when it comes to his extensive music catalog.
No will in place complicates the ownership and valuation of his valuable publishing catalog and the copyrights for songwriting. This could seriously impact his net worth by hundreds of millions of dollars. Two years ago Prince shrewdly took control of his catalog and negotiated a favorable new deal with Warner Bros., his former record company. Future rights to unreleased material and subsequent profits no longer have clear ownership vis a vis the estate. And, Warner Brothers might see the lack of a will as an opportunity to regain control over some, if not all, of the music catalog.
By all accounts Prince died without a spouse, children or surviving parents. As such his sister, Tyka Nelson (an heir) has petitioned the court to appoint a special administrator to manage the estate in lieu of a will. As part of the petition, five other half-siblings are also listed as heirs. In Minnesota, half-siblings are treated the same as full siblings. The lack of a will and clear instructions could open the estate up to claims of inheritance from people claiming to be relatives. In addition to his music catalog, Prince owned extensive property throughout Minnesota, including the Paisley Park complex, valued at over $7 million.
An estate of this size with no will surely means a long and drawn out process. Hopefully a special administrator with the good intentions will do the right thing.