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Probate drags on as Minnesota courts valuate Prince’s assets

After someone with substantial property dies, one of the first questions people in Little Rock may have is who receives the inheritance. However, the probate process is not as simple as sitting down and reading a will, and if there is no such document, everything becomes even more complicated. Then, a person appointed by the court must perform the duties that would have gone to the executor of the will, such as paying debts and taxes, and determining the value of assets.

The courts in Minnesota are still in the early stages of probate for the property and assets that belonged to the late artist, Prince. Many people are eager to be named as his heirs. However, because the musician did not create a will to define his wishes, the court must identify who should inherit the vast estate.

The value of his intellectual property, including copyrights for his works and his trademarks, is not yet assigned, even though the actor died in April of 2016. It appears that his companies, real estate and personal assets grew significantly over the past year of his life, increasing the list of items that must be valuated before the administration of his estate can move to the next phase.

Family members dealing with the loss of a loved one may find that the emotional challenges are increased by complications of the probate process when the deceased did not make his or her wishes known. An estate planning attorney may be able to assist those who are facing these obstacles.

Source: Houston Chronicle, “Inventory of Prince's estate lists cash, property, gold bars,” Jan. 8, 2017

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