We discuss an ongoing famous estate battle this week…
Prince was a prolific songwriter, penning some of the biggest pop hits for Madonna, Chaka Khan, Sinead O’Connor, Alicia Keys, Stevie Nicks – the list goes on and on. But one important thing he never got around to writing was his own will.
When Prince died in 2016 from an accidental Fentanyl overdose, he was believed to have amassed an estate worth between $100m and $300m. Without a will in place, a judge ruled that his six siblings should jointly inherit his fortune. But that wasn’t the end of the story. In fact, Prince’s death created one of the largest and most complicated probate court proceedings in Minnesota history.
Following the Purple Rain hitmaker’s death, dozens of people are said to have come forward claiming to be entitled to a share of his estate, including those reporting to be his wife, children and other relatives.
The claims are still pending in the estate battle, with Prince’s siblings growing frustrated by the protracted probate process and tens of millions of dollars being drained from the estate for legal and consultancy costs.
And if that wasn’t complicated enough, recently it was reported that a dispute has started between the IRS and the trust that manages Prince’s assets. Both parties claim the Grammy award winning artist’s assets are worth different amounts and are in dispute about the tax that is still owed.
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