Pop music superstar, Prince, passed away in April 2022, leaving fans in California and throughout the world grieving the loss of a favorite artist. In addition to stories of his musical escapades and the impact he had on the industry, it became apparent soon after his death that he had not signed a last will and testament. This sparked a probate battle over his $156 million estate that just recently ended.
In addition to $6 million in cash and rights to Prince’s music, several other assets will be split between three heirs and multiple other parties. One of the beneficiaries is Primary Wave, which is a music management division that represents big-name artists, such as Melissa Etheridge, Plain White T’s and more. Primary Wave reportedly owns approximately half of Prince’s estate.
6 half-siblings were the original heirs of the estate
Prince was not married and did not have children, although he did leave behind six half-siblings. All six were the original heirs of the estate; however, three of the family members sold their shares of inheritance to Primary Wave. The three other heirs held on to their stakes.
Some of Prince’s assets are now jointly held
One of the decisions made during probate concerned how the heirs and other beneficiaries would manage jointly-owned assets. Another central focus was the conversion of Prince’s holdings to LLCs, which reduced the tax risk on the estate. This case is proof that, while complications may arise when a decedent in California or elsewhere has not left a will, many issues can successfully be resolved through probate litigation, as needed.