If history repeats itself, the Prince estate distribution could get very ugly, as the pop star according to is sister Tyka Nelson had no last will and testament in place at the time of his death.
Nelson has filed a petition for the appointment of a special administrator to deal with Prince’s massive estate, which has been widely reported to be valued at $300 million. However, attorneys close to Prince’s affairs are claiming that number is currently about half the estimates.
Prince had no other blood family other than Nelson, though he does have several half brother and sisters: John Nelson, Norrine Nelson, Sharon Nelson, Alfred Jackson and Omar Baker. In Minnesota, half siblings are treated the same as full fledged siblings in the court of law.
Tyka said in the documents: “I do not know of the existence of a Will and have no reason to believe that the Decedent executed testamentary documents in any form.”
At this time probate court will take over the administration of the decedent’s estate and distribution of assets, which Nelson has already listed as “Homestead, other real estate, cash, securities and Other.”
Estate lawyers and Prince’s former manager, Owen Husney, said they would have expected Prince to have drawn up a will and an estate plan long ago. Husney goes on to say: “he was too smart to have overlooked something that crucial and he had teams of lawyers, business managers and accountants over the years who would have advised him it was crucial. There is no way he does not have something written down to handle this situation at hand.”
Here is the court documents filed by Tyka yesterday: