Prince's estate is finally settled after a 6-year battle
It took six years, but the estate of late music legend Prince is finally settled. A Minnesota judge has approved a plan that will see his assets divided between his surviving siblings and a trust that benefits his nieces and nephews.
The estate was valued at around $156 million when Prince died in 2016. Under the terms of the settlement, half of the estate will go to Prince's sister, Tyka Nelson, and her five half-siblings. The other half will go to a trust for his nieces and nephews.
The settlement ends a long and bitter battle over Prince's estate. His siblings had been fighting over who should inherit his fortune, and there were also disputes over whether some of his music should be released to the public.
The settlement will allow Prince's music to be released, and it will also set up a foundation in his name that will support charitable causes.
It's a fitting legacy for a man who was known for his philanthropy as well as his musical talent. Prince was a ground-breaking artist who created some of the most iconic songs of our time. He was also a generous man who gave back to his community in many ways.
The settlement of his estate is a victory for his family and for fans who want to see his music shared with the world. It's also a reminder that even after death, we can all continue to make a difference in the world.
@digitalwealthmedia Prince died without a Will. Six years later estate settles in probate court. #prince #fyp #foryou #foryoupage #estateplanning #legal ♬ Purple Rain - Prince
What will happen to Prince's music now that his estate is settled?
The settlement of Prince's estate clears the way for his music to be released. This includes previously unreleased tracks, as well as some of his more famous songs that have been locked away since his death.
It's not clear when this music will be released, or how much of it there is. However, it's likely that we'll see some new Prince music in the near future.
The settlement also sets up a foundation in Prince's name that will support charitable causes. This is in line with Prince's philanthropic spirit, and it will ensure that his legacy continues to make a difference in the world.
How could a famous musician like Prince die without a Will?
It's a question that many people have asked since the musician passed away suddenly in 2016. Prince was worth an estimated $156 million at the time of his death, but he didn't have a Will or any other kind of estate plan in place.
Other famous musicians who died without a Will include Aretha Franklin, Jimi Hendrix, Janis Joplin, and Amy Winehouse. It's not clear why these artists didn't plan for their deaths, but it's possible that they simply didn't think about it or didn't believe that they would die so young.
It is not unusual for famous musicians to die without a Will
In 2017, Aretha Franklin died at the age of 76 without a Will or estate plan in place.
Like Prince, Franklin was worth an estimated $80 million at the time of her death. Her four sons have been fighting over her estate ever since. The case is still ongoing, and it's unclear how her assets will be divided.
Franklin's case highlights the importance of creating a Will. If she had created a Will, she could have chosen who would inherit her estate. She could also have set up a trust to provide for her loved ones after her death.
Why Didn't Prince Have A Will?
As noted earlier, it's not unusual for famous musicians to die without a will. In many cases, it seems that they simply didn't think about it or didn't believe that they would die so young.
Prince was only 57 when he died, and he probably didn't think that he needed a will. He was healthy and hadn't shown any signs of illness. Unfortunately, his sudden death came as a shock to everyone.
What If Prince Created A Legal Will?
If Prince had created a legal Will, he could have chosen who would inherit his estate. He could also have set up a trust to provide for his loved ones after his death.
Creating a Will is an important step in protecting your assets and ensuring that your wishes are carried out after you die. If you don't have a Will, your family may end up fighting over your estate, as Prince's did.
About Prince Rogers Nelson
Prince Rogers Nelson (June 7, 1958 – April 21, 2016) was an American singer, songwriter, musician, record producer, and filmmaker. With a career spanning four decades, Prince was known for his eclectic work, flamboyant stage presence, extravagant fashion sense and use of makeup, and wide vocal range. A multi-instrumentalist, he was considered a guitar virtuoso and was also skilled at playing the drums, percussion, bass, keyboards, and synthesizer. He has been ranked 27th on Rolling Stone's list of 100 Greatest Artists of All Time and second on their list of 100 Greatest Guitarists of All Time behind Jimi Hendrix.
Prince was born in Minneapolis, Minnesota to John L. Nelson and Mattie Della Shaw. His father's stage name was "Prince Rogers". His mother was a jazz singer. He had two siblings: sister Tyka and brother Alfred.
Conclusion
The settlement of Prince's estate is a reminder that even after death, we can all continue to make a difference in the world. The establishment of the charitable foundation in his name will ensure that his legacy continues to help others. It's also a reminder that it's important to create a Will so that your assets are distributed according to your wishes.
