April.27.16Estate Planning
MMWN Apr 27th
Money Matters with Nimi
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The death of a super star can demonstrate in a profound way, what can happen if one dies without an estate plan. Reports say that Prince left no will, raising the prospect of a lengthy battle over his estate between his six surviving siblings.
According to the Associated Press, Prince’s sister, Tyka Nelson said in a court filing on Tuesday that he had no known will and asked Minnesota to “appoint a special administrator to oversee his estate.” The news opens up the possibility of a drawn-out battle over his fortune, estimated at anything from $150 million to $800 million. This includes his sprawling estate as well as thousands of unreleased songs.

Prince, had eight brothers and sisters, and under Minnesota law, the six of them who are still alive, as his closest living relatives, would automatically share equally in his estate. Only sister Tyka was a full blooded sibling, and it had been assumed that she would take control of the empire; however, half – siblings also have equal rights to the estate.

Sources say “various professionals raised the issue of a will with Prince but he never had an interest in drafting one.” Prince’s siblings will be in charge and will have to decide what happens to his thousands of songs that were never released. One can only hope that they are able to handle this with mutual respect and love, in Prince’s memory.

With our extensive extended family system here in Nigeria things can get really nasty in the wake of the death of a loved one. It would be so much easier if you tidy up our affairs whilst you are alive;

Tidy up your affairs if you haven’t already. It will give you peace of mind.

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