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Did Prince really have no will?

As millions of people around the world are still reeling from the sudden death of music icon Prince and his cause of death is still being determined, now comes news that he reportedly didn't have a will or perhaps any kind of estate plan in place. Therefore the fate of his multi-million estate is now up in the air.

This estate includes his Paisley Park compound as well as rights to his music -- both released and unreleased. As often happens when musicians die, sales of Prince's music jumped significantly in the days following his death.

Prince's only full sibling who is still alive is his sister Tyka Nelson. She filed court papers asking to oversee his estate as a special administrator. She said that as far as she knows, he had no will. His longtime attorney wouldn't comment publicly on whether or not that was a case. A judge stated that he didn't have one.

Prince's sister has asked a bank with whom Prince did business over the years to supervise the considerable assets of her brother until a personal representative is chosen to take over that responsibility.

In addition to Tyka, Prince's assets may be distributed among his three half-siblings. He wasn't married at the time of his death and was not known to have any living children.

It may seem incomprehensible to many that a man with such considerable assets didn't have a estate plan. However, this should be a cautionary tale to everyone to take control of their legacy and the money and property they've worked so hard for and determine what will happen to it after they're gone. It will also make things easier on your family and loved ones. A Kentucky estate planning attorney can help you draft an estate plan that will fulfill your goals.

Source: Rolling Stone, "Prince Had No Known Will, Sister Claims in Legal Filing," Jon Blistein, April 27, 2016

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