Prince had no will and no estate plan. The result from this lack of action was predictable. Various dubious claims have been filed against the estate from long-lost relatives, alleged illegitimate children and the like.
It is also clear that the estate had to move through the Minnesota probate court. After two years, his six siblings have received zero dollars from an estate worth an estimated $200 million.
Some people, however, have been paid. The IRS and State of Minnesota have been paid along with about $8 million in fees and expenses to lawyers and other experts. Those expenses cut into what the siblings will eventually receive.
His executor has released a new album this week. In that regard, Prince didn’t even have a say in who would serve in that important position.
All of this could have been avoided with an estate plan; at least a will and preferably a trust.
