After his death, Prince’s $156 million dolllar estate was left floating freely.
From releasing hits like 1999 and Raspberry Beret, the legendary musician Prince continues to captivate the world since his passing — for reasons outside of artistic impact.
Upon tragically passing away from a prescription drug overdose in 2016, Prince left his fortune without a will, triggering a 6-year legal battle that has only recently concluded.
Drafting a will is imperative to protecting your estate, your loved ones and to honouring your wishes.
Prince’s six half-siblings were named his legal heirs. However, a dispute between the IRS and Comerica Bank complicated matters.
Prince’s estate was wrongly valued
Comerica valued Prince’s estate at US$82.3 million, when it’s true total was US$163.2 million.
This was just the start of the turbulent journey.
Consulting a trusted advisor can simplify drafting a will. They can help you stay accountable to begin the process in the first place, even if you are in great health.
Professional support can smoothen learning curves along the way, preventing extra stress, time and costs that can arise.
For example, determining the value of Prince’s music created a 6-month delay in settling. After years of conflict and contentious court proceedings, Prince’s estate was divided between his family members.
Three of his heirs sold their interests under Prince Oat Holdings LLC to a music company called Primary Wave.
His other three siblings held onto their shares and are managed by Prince’s business advisors, L. Londell McMillian and Charles Spicer, in a partnership called Prince Legacy LLC.
What we can learn from Prince’s esate
At any stage of life, drafting a will can offer peace of mind, knowing that your life’s achievements will be allocated based on your beliefs and values, whether that be to family, friends or a cause.
As you move through life, you can adjust your will accordingly. Life can be uncertain, but with a legal will prepared, you can secure your legacy.
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