I recently wrote about the estate tax implications of Prince dying intestate (without an estate plan) – ultimately gutting the estate’s value by over 50% after taxes are paid. However, there’s an even bigger bombshell coming to light since Prince’s passing that can have a substantial impact on how his estate with be distributed, under intestacy laws in Minnesota. Another reason why a will is incredibly important.
As it sits, Prince has one full sister – Tyka Nelson – five living half-siblings and a deceased half-sibling who is survived by a living child (the law allows living children to stand in their parent’s place for inheritance purposes – if the parent would have received a share). Intestacy would likely split the estate in equal shares among Prince’s siblings (both half and full alike).
But, a seemingly credible claim has recently been made that Prince fathered an illegitimate child in the 80’s. If true, intestacy laws would pass Prince’s entire estate to his ‘Love Child’ and completely cut out all of his siblings. A DNA test will be required to prove legitimacy, though. Had Prince left a will behind, he could have provided for his siblings and specifically disinherited any unknown children, if he wanted to.
Prince’s death is likely to provide a wealth of topics to write on – stay tuned for more updates.