The untimely death of pop star Prince has brought a new light on the legal topic of wills and estate settlement when individuals die intestate. According to his family, Prince Nelson left behind no will or even a directive that indicated his wishes with respect to the transfer of his assets upon dying. While this scenario is not necessarily unusual for individuals with no wealth to distribute, the fact that Prince was single and only had one whole blood relative can complicate the issue. While his primary bank and investment advisers have been given oversight of the process, the situation at hand is far from over both emotionally and legally and it will take an attorney with significant legal expertise to unravel the potential issues. And, this is especially true if others step forward claiming to be the offspring of Prince.
The amount of Prince’s assets is tallied at approximately $300 million and he has several siblings. According to Minnesota law, these siblings will share in the proceeds after the estate is assessed for taxes and financial liabilities. It is a certainty that both the federal and state governments will file a claim against the estate as late as next year because his investment holdings have already generated income during this year. The status of his filing for this year has not been published. However, it is clear that the estate as well as the several siblings will all need expert legal counsel like attorney Ross Abelow to ensure all rights are respected.
Ross Abelow is an attorney in the state of New York who is experienced in handing the estates of entertainers after they pass, including entertainers who die suddenly and have not prepared a last will and testament. In the case of Prince, all of his personal assets will be shared equally by his siblings with respect to share, even though only one sister had the same two parents. The disposition of the unrecorded compositions of the dead star will assuredly be another question, and his recording label will clearly have a team of lawyers representing their legal claims to the property.
While this is an unusual case for a state like Minnesota, the situation is fairly regular in the state of New York, which is largely considered to be an entertainment mecca. The nuances of settling cases involving copyrights and patents are known to certain lawyers who handle these cases on a regular basis, such as the expertise of New York attorney Ross Abelow.