The sudden, unexpected death of superstar Prince saddened many Ohio music fans. Beyond the initial shock of his passing at a relatively young age comes questions regarding his estate and who will inherit it.
It is unknown whether Prince left a valid will or completed other estate planning documents such as trusts. Since he died without children and unmarried, whether or not he had an estate plan may greatly change the people who will inherit both his estate and the right to control his massive musical catalog.
Prince’s estate is estimated to be worth around $300 million. With his songs, the value could balloon over time. His closest living relatives include a full sister and two half-sisters. Since his parents predeceased him, his siblings would stand to inherit his estate if he didn’t leave a will under Ohio’s intestacy laws. When people die without wills or trusts, their assets pass according to the dictates of those laws. This is true even if the decedent may have wished his or her assets to pass in a different manner or to different people or charities.
Because no one knows when death might come, it is important for people of all ages to have updated wills in place. Having a will can help make certain that a person’s assets will pass according to his or her own wishes rather than according to the state’s laws. When a person dies without a will and without any relatives, the state stands to receive everything. No matter what a person’s situation may be, a will may be a good idea. Having a will can help reduce the likelihood of bitter litigation and conflict among those who are left behind.