On Monday, May 2, 2016, a probate hearing took place at Carver County District Court regarding Prince Rogers Nelson’s estate. As most already know, Prince, a singer, songwriter, and actor, passed away at the age of 57 for reasons that remain unknown. However, Prince did not have a will in place to declare how his assets would be distributed in the event of his death.
While Prince left no surviving children, parents, or widow, he was survived by half-sisters and half-brothers all of whom are listed in Tyka Nelson’s petition as interested parties. Nelson, Prince’s sister, filed a petition, On Tuesday, April 25, seeking to appoint a special administrator to secure and preserve her brother’s estate until the court appoints an executor. Not too long after, the court appointed Bremer Trust, National Association.
As of now, Prince’s estate consists of the following:
- Music catalog
- Unreleased music material, which is worth an estimated $300 million
Shedding light on the situation, Attorney Joseph Tamburino of Caplan & Tamburino Law Firm, P.A., who has been interviewed quite frequently regarding Prince’s estate, stated, “Somebody's got to pay the electric bill at Paisley Park […] (The special administrator will) make sure that there is security around the facility. Somebody has to do day-to-day things that an estate requires.” Backed by years of legal experience, Mr. Tamburino understands these types of cases intricately but states that this specific situation is extremely rare. As of now, the estate has not yet been settled. Many sources believe that various factors will need to be considered before deciding how the estate should be distributed.
To learn more, watch the news report by Kare 11, featuring Attorney Tamburino.