Prince is currently being mourned across the world by a generation of fans who adored his eclectic musical style, flamboyant stage presence and ground breaking albums. During his lifetime he sold over 100 million records, making him one of the best-selling artists of all time.
Media reports suggest that he has left behind an estate which is valued somewhere between $150 million and $800 million. However, it has been reported that the much loved musician left no Will – which opens up the possibility of a bitter battle over his personal fortune.
The singer was twice divorced and had no surviving children or parents. His only full blood relative is his younger sister but he does have five half-siblings from his father’s second marriage who may try to argue that they have an equal claim on his estate.
Sources close to the family say that it is unlikely that Prince would have made a Will as he didn't want to think about his death. This is regularly cited as one of the most common reasons for people refusing to plan for their death but his decision could now result in a lengthy legal battle over his estate.
While the assets of the general public are highly unlikely to reach into the hundreds of millions, it is important that people understand the benefits of planning ahead, regardless of age or health. It is hugely important to think about how you want your estate to be distributed should the worse happen as it could be the difference between it being shared amongst your loved ones in line with your wishes, or a potentially divisive and ugly family argument.
Kings Court Trust can help answer any questions you may have to ensure that your estate is managed in a way that causes as little distress to your family as possible. Contact our client services team on 0300 303 9000 for an informal discussion to find out more.