Prince Estate Allowed to Handle Music Icon’s Business Affairs Temporarily
It looks like Prince’s estate is open for business for the time being. A judge has ruled that Bremer Trust can hired entertainment industry experts to help manage the late music icon’s assets.
According to the Minneapolis Star Tribune, Judge Kevin Eide ruled on Wednesday (June 8) that Bremer Trust may hire and retain “identified entertainment experts” to handle Prince’s business affairs through Nov. 2, which is when Berner Trust will no longer be in control of managing the estate.
“There are business-related decisions which need to be made promptly on behalf of the Estate and the Special Administrator needs the advice of industry experts to make these decisions in a prudent manner,” Eide wrote.
At the heart of the matter is a dispute over Prince's inheritance between his sister, Tyka Nelson, his six half-siblings and two men who both claim to be his sons. Since Prince left no known will, under Minnesota law, any children would inherit the estate. If Prince had no living children, it will go to his siblings.
Attorneys for Bremer Trust stated in a hearing that experts are needed to not only to protect Prince's assets, but to also maximize their value. The late music icon's intellectual property is estimated to be worth $300 million, but half of that could be taken by state taxes because he didn’t have a will.
After Nov. 2, any deals made by Bremer Trust will be reviewed by whoever is appointed to be the rightful heirs to the Prince throne and will require court approval.
As you can see, this is going to be a very complicated legal matter in the months ahead. Hopefully, everything can get all sorted out and Prince's music legacy can continue to thrive without being tarnished by in-fighting and pilfering.