Prince Knew Law Firms Just Wanted His ‘Extra Time’

April 21, 2016Article
Bloomberg BNA

The Business Times explained how Prince’s death in Minnesota, where he grew up, might influence how his assets are divvied:

Prince, 57, died in his home state of Minnesota, where, in the absence of a will, inheritance laws determine how an estate is divided. He reportedly died at his estate, Paisley Park, which includes a sprawling recording studio and other buildings on a considerable stretch of land. Those properties are undoubtedly worth millions and may even become more valuable because his death occurred there.

According to Minnesota law, in the absence of a will, the estate goes to the following people in this order: closest siblings, spouse, children, grandchildren and then parents. However, Prince’s parents have been dead for more than a decade. He did have six siblings from the same father, but it’s unclear how close he was with the ones still alive (at least two have died).

None of the lawyers we turned up could tell us much about what’s in store for Prince’s estate. But one estate attorney offered her thoughts about what to expect.

Laura Zwicker, an attorney with Greenberg Glusker who represents high net worth individuals with more than $100 million in assets, said that musicians of Prince’s stature are often too busy to do much estate planning.

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