From the Desk of Lauran Corcoran
The world received a reality check on April 26, 2016 with the passing of one of the greatest musical artist, Prince. Prince’s untimely death is mourned by many but his incredibly sad passing is also sparking a warning of what was once part of Prince’s private world, will now be showcased in public view. According to court documents filed by Tyka Nelson on April 26, 2016, Prince left no Will or Trust. The Minnesota StarTribune posted the full court document here: http://www.startribune.com/read-tyka-nelson-s-court-filing-about-prince-s-will-and-estate/377140131/
His estate will be distributed per intestate laws of Minnesota and the whole world will be privy to every asset in his name. While Prince was a man who kept to himself in his home state on a large compound known as Paisley Park, he was separate and reclusive from others. His entire life’s worth of assets and personal items will be open to the eyes of the public.
The publicity of probate is easily avoidable. If Prince had set up an estate plan with a living trust, the public would not be allowed a front row seat of his assets and to where and who these assets are distributed.
After all this sad news, what may be the worst of this situation is the fact that his heirs will not be able to control the destiny of his most treasured assets like Paisley Park. If this wonderful piece of private property is turned into the next Graceland, no one will know what Prince’s intentions and wishes were for his long-time home and recording studio.
The probate proceedings for Prince’s estate will provide a lot of insight into the value of comprehensive estate planning. As the proceedings continue, we will be addressing them as new issues arise on this blog.