The $300 million plus estate of pop star Prince, who died in April, may be easier to divvy up than previously thought.
One seemingly legitimate heir, a son, reportedly has come forward who could inherit the entire fortune. The Santa Monica (Calif.) Observer reported Friday that a 30-something man has DNA proof that he is the son of musician born as Prince Rogers Nelson.
Prince died leaving no will that has been found. His parents are deceased, but he has a sister and five half siblings who previously were thought to be the inheritors of the estate, which usually is valued at around $300 million, although the news service Reuters set it as high as $500 million.
In a separate court action in Minneapolis on Thursday, a judge threw out the cases of 29 people who had claimed to be relatives and wanted a piece of the estate. The court also ordered DNA testing on a daughter and granddaughter of a half-brother who is deceased.
If the supposed son’s claim proves to be legitimate, he will inherit the entire estate under Minnesota law, according to the law website NOLO.com and Dustin Robbins, a wealth manager with Tempo Investment Advisors Inc. in Minneapolis, Minn.
“Children inherit first and then parents,” says Robbins. “A person can set up a trust which supersedes a will, and transfer-on-death and payable-on-death accounts that would supersede everything. That avoids the necessity of going through probate, which would have to be done with a will. One of the first things we do for clients is send them to an estate attorney for a will if they do not have one – the same with a health-care directive. We always say: If you do not have a will, the state has one for you and you probably won’t like it.”
Prince was married twice but divorced both times. The person now claiming to be a son is the child of a singer who used to perform in the same clubs as Prince in the 1980s and supposedly had several liaisons with him.
Prince died of a fentanyl overdose in his Paisley Park compound in Minnesota.