Many New Jersey music lovers were saddened to hear that the legendary songwriter and musician Prince passed away on April 21. The iconic 57-year-old performer won seven Grammy awards in a glittering career that spanned more than four decades, and he left behind a legacy that will likely influence others for many years to come. His estate has been estimted by some to be worth about $300 million.
While the details of Prince’s estate plan have not been released, questions are already being asked about how the late musician’s assets will be distributed. Prince was unmarried at the time of his passing, but he walked down the aisle twice during his life. The singer had only one child, but his newborn son died tragically in 1996. If Prince did not have a valid will, his estate will be distributed according to Minnesota’s intestacy law. Prince left behind a sister as well as two half-sisters and one half-brother.
Prince’s most valuable assets are the Paisley Park estate in Carver County where he lived and his extensive catalog of music. In addition to a staggering 39 studio albums, Prince composed five soundtracks and released numerous live albums and several videos during his prodigious career. As interest in the late singer’s work is likely to grow stronger in the coming months, the value of his work looks set to increase.
Prince’s death has hit many of his fans particularly hard because the iconic performer was only 57. Those in the prime of life often put estate planning matters off, but tragedy can strike at any time. Experienced estate planning attorneys could explain how even those in robust health may benefit from wills, trusts, health care directives and powers of attorney should they become incapacitated. They may also point out how having these arrangements in place can protect loved ones and provide peace of mind.