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Prince’s siblings appear in court for first probate hearing on his $500MILLION estate

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The first probate hearing in the complicated job of dividing up Prince‘s estate began Monday morning at the Carver County courthouse
Lasted less than 15 minutes later.

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Norrine Nelson, half-sister of Prince, exits the Carver County court house after the first hearing on the musician’s estate on May 2, 2016 in Chaska, Minnesota.

It’s been 11 days since the musician’s death. After receiving a 911 call, deputies found Prince dead at his home on April 21. Autopsy results have not be not been completed , but Prince’s full sister, Tyka Nelson, filed papers last week saying, to her knowledge, her brother didn’t have a will. Prince didn’t have any children and he wasn’t married. That means, under Minnesota law, Prince’s estate would be divided among his surviving siblings.
Nelson arrived at the Carver County courthouse Monday morning and was peppered with questions from the media, which she did not answer. Also seen was Prince’s half-brother Alfred Jackson, along with his attorney Frank Wheaton.

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At Monday’s hearing, all of Prince’s heirs expressed confidence in Bremer Trust to act as special administrator of singer’s estate, and all siblings have agreed to communicate with each other as proceedings progress.
All siblings signed an agreement for Bremer Trust to handle the affairs, except for half-brother John Nelson. The judge didn’t elaborate as to why.
Legal experts said the process could end up costing millions of dollars.
“I would think it’s going to be long and pretty costly. You’ve got to think of it this way, personal representatives, special administrators, attorneys; all these bills are going to come due. On the other hand, we’re dealing with an estate that’s probably worth $300 – $500 million [or even] more than that. So, the estate’s going to be able to afford the professional services as well as pay hefty taxes,” Attorney Joe Tamburino said.

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Prince 57, died without leavinG a will. His estimated $500million estate will be divided amongst 6 siblings

Legal analysts also predict a lot of claims will be made for a share of Prince’s estate.
A California man has already filed and said he’s the rightful owner of Prince’s music because he and the singer had a verbal agreement dating back to the ’90s. A judge will have to sort out those claims and determine which ones are legitimate, if any.
Bremer attorneys said there is an ongoing search to locate a will, but so far efforts have been unsuccessful.
There’s also the issue of Prince’s vault at Paisley Park that reportedly holds hundreds of unpublished recordings and music videos. This would enhance the value of the estate. Some believe it also increases the number of people who are interested in getting their hands on it.

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