Quantcast
Interior of Paisley Park estate
JUDGE APPOINTS TRUST COMPANY TO OVERSEE PRINCE'S ESTATE

Minnesota judge Kevin Eide granted a request from Prince's sister Tyka Nelson to appoint Bremer Trust as special administrator, giving the corporate trust company authority to manage and supervise Prince's assets and identify his heirs, Fox News reports. Eide said the emergency appointment was necessary because the late artist doesn't appear to have drawn up a will and immediate decisions must be made about his business interests.

The judge also noted that identities and addresses of Prince's heirs need to be determined. Prince also has five surviving half-siblings who could share in the estate.

Eide wrote that Prince died "intestate," meaning he did not have a valid will, and said there was no pending application or petition for probate of a will in any court. However, someone could still come forward with a will or trust document. That occurred in June 2009, when Michael Jackson's longtime lawyer John Branca filed a will six days after his death.

Bremer Trust will act as special administrator for six months or until a personal representative is appointed, whichever is less.

Later Wednesday, the estate already had its first claim against it, with a filing from a California man who claimed that Prince had transferred ownership of his music catalog to him in 1995.

The value of his estate isn't known. Aside from his musical assets, Prince owned a dozen properties in Minnesota worth about $27m, according to public records. But it's not clear how much money Prince had when he died, given that he had to pay record labels and staff and cover other expenses.

UMG MOBILIZES
TO FIGHT PANDEMIC
A multifaceted worldwide offensive (3/31a)
MAYBE, JUST MAYBE, PART 4
Lenny's tips for getting through this (3/31a)
NEAR TRUTHS:
THE COMING FIGHT
Historical parallels from I.B. Bad (3/31a)
iHEART'S LIVING ROOM CONCERT RAISES $8M
Live music on TV! (3/31a)
VIRTUAL CONCERT AND LIVESTREAM ROUNDUP (UPDATED DAILY)
Giving home entertainment new meaning (3/31a)
RUBBER GLOVES
Do you have to wear them to work?
MARCH MADNESS
Oh, that's a sports thing too? We just meant that we're losing our minds.
VIRAL MARKETING
How we talk about the Coronavirus.
BERNIE
Can he crash on your couch?
 Email

 First Name

 Last Name

 Company

 Country
CAPTCHA code
Captcha: (type the characters above)