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Could it be that “the artist formally known as Prince” really died without leaving a valid Will?

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This was the big news story over the weekend: that, as no Will can be found his sister, Tyka Nelson, has filed for the Court in Carver County, Minnesota to appoint a special administrator to distribute his estate.

Minnesota Laws of Intestacy (the rules by which an estate is distributed where no valid Will exists or can be found) appear to be very similar to those we have here in the UK.

Although Prince had been married twice he died unmarried and without children.  Intestacy rules will allow the estate to be divided between his siblings: that is Tyka Nelson and 5 half brothers/sisters.

Prince was a very private individual when he was alive and an astute businessman.  He had recently signed a contract with the music streaming service, Tidal, and reached a deal with Warner Brothers to have the ownership rights of his back catalogue returned.  He kept the master recordings in a vault at his home, Paisley Park.  Quite apart from the value of his artistic material, he also owned real estate and interests in other businesses: Prince had a complex business empire that required professional management.

He had also had the experience of being the Executor of his father’s affairs which had left him appalled by the intrusion of the media on such personal matters.

For himself, it is much more likely that he would have preferred the opportunity to quietly transfer his wealth to a trust on his death which is possible when putting your affairs in order and making sure that your Will is not lost.

This is why, even though you may (unfortunately) not have the several million $ problem of Prince, you should always be aware of where your Will is stored: and so should your heirs.

At Haven we always recommend a safe storage option for your Will and this comes with the benefit of free rewrites when things change in your life.

Contact Lisa to find out about our Safe Document Store option and don’t let Prince’s mistake happen to you.

I am so pleased to have chosen Haven to deal with the Probate for my Mother. The Solicitors I went to were not helpful. Haven made it all so simple and dealt with all the paperwork. They answered all my questions in a friendly and knowledgeable way. I would recommend this service to anyone.

Mr K - Newport

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