Nearly nine months after the iconic musician's sudden and tragic death, Prince's massive estate lingers in uncertainty. Many in Oklahoma and across the country are following the story as a cautionary tale about estate planning and protecting one's assets. In the midst of the chaos, two noted lawyers are seeking the privilege of handling probate administration for the performer's estate. The court will appoint an administrator because Prince died without leaving a will, which typically specifies an executor to administer an estate.
One attorney emphasizes Prince's philanthropy and hints at continuing that work with the estate, having previously collaborated with Prince in these endeavors. The second lawyer already has a history with the deceased star by helping him to successfully resolve a much-publicized contract dispute with Warner Bros. Four of the six named heirs support the appointment of the second attorney. The choice of representative may have a profound impact on the way Prince's creative assets will be used in the future.
The estate is said to include future royalties, licensing fees, personal property and a cache of unpublished recordings, the estimated value of which reaches the hundreds of millions. A more exact figure will be known when the appraisal is complete. The court will divide the assets among the six verified heirs: Prince's younger sister, two half-sisters and three half-brothers.
While most estates do not have attorneys competing for the privilege of probate administration, one can expect an attorney will approach the administration of the typical estate with as much commitment and passion. Even if one's estate is not as vast and complex as Prince's, a person still wants to be sure his or her interests are protected and financial risk is minimized. Those in Oklahoma who are facing the probate process of a loved one's estate may find the advice and representation of a lawyer to be a great comfort in a time of confusion.
Source: yahoo.com, "Two high-powered lawyers vie for role in overseeing Prince estate", Todd Melby, Jan. 13, 2017