Vidostream | News, sport and opinion from the Vidostream's US edition

https://vidostream.com

Prince’s lack of a will prompts judge to appoint temporary custodian

A Minnesota bank that Prince did business with has been appointed to temporarily oversee the late musician’s multimillion-dollar estate

A Minnesota bank that Prince did business with has been appointed to temporarily oversee the late musician’s multimillion-dollar estate.
Carver County First Judicial District Judge Kevin W. Eide on Wednesday named Bremer Trust to be the special administrator of the singer’s wealth. Prince, born Prince Rogers Nelson, died unexpectedly last Thursday. He was 57.

The move comes a day after Prince’s sister, Tyka Nelson, petitioned the court to appoint a controller to make decisions about her brother’s immediate business interests. According to court documents, Nelson said she doesn’t believe Prince had a will.

The bank, headquartered in St. Paul, Minn., was Tyka Nelson’s recommendation for a special administrator.

 “Bremer Bank, National Association, has provided financial services for the Decedent for a number of years and has knowledge of his personal financial and business financial affairs,” her attorneys wrote in a petition filed Tuesday.
 

Prince’s first manager, Owen Husney, told Reuters last week that the value of the singer’s music catalog — including potential licensing rights for film, TV, commercials and video games that Prince rarely extended — has been estimated at over $500 million. But the exact value of his estate is unknown.

He was divorced twice and preceded in death by his parents and a newborn son. In addition to Tyka Nelson, court filings estimate Prince has five half brothers and sisters.

Under Minnesota law, the iconic musician’s assets are likely to be split evenly between his siblings, attorney Stephen Hopkins told Reuters. Omar Baker, a half brother, participated in a conference call Thursday morning with Judge Eide and other interested parties.

RELATED: Prince and 3 Other Celebrities Who Screwed Up Their Last Wishes >>>

According to his order, Eide says Bremer Trust inow “has the authority to manage and supervise the Decedent's assets and determine the identity of the Decedent's heirs.” The bank will have that role for at least six months or until a personal representative is appointed. Another hearing is scheduled for May 2.

Last Thursday, members of Prince’s staff couldn’t reach him at Paisley Park, a 65,000-square-foot complex that doubled as the reclusive singer’s recording studio and home in Chanhassen, Minn.

In a frantic 911 call at 9:43 a.m. on April 21, an unidentified person asked for help after finding the music star unconscious on the floor of an elevator at his estate. First responders arrived within minutes and tried unsuccessfully to revive him. Prince was pronounced dead at 10:07 a.m.
 

Per state law, Prince’s death has been reported to the Minnesota Department of Health. Yahoo News obtained a copy of a worksheet recording the death. The document sheds no new light on a cause of death and is not signed by an investigator.

“It should not be signed because it is considered a worksheet,” said Scott Smith, a health department spokesman. “It is not an official document or death certificate.”

An autopsy was performed last Friday, but authorities said Prince's death remains under investigation. A cause of death might not be released until toxicology testing is completed, which could take several weeks.

Jason Sickles is a national reporter for Yahoo News. Follow him on Twitter (@jasonsickles).

Author: Yahoo News

We are using cookies to give you the best experience on our website. By continuing to browse, you are agreeing to our Cookie Policy.
You did not use the site, Click here to remain logged. Timeout: 60 second