Pop icon of the 80s Prince passed away at his studio in Minneapolis. (Photo : YouTube/Johnny Lopez Aliaga)
Nearly two weeks after Prince's death, the fate of the singer's estate still remains unresolved. The latest court hearing appointed Bremer Trust, National Association as the temporary administrator. However, experts believed that more possible heirs are expected to turn up and claim relationship with the "Purple Rain" singer.
Bremer Trust is responsible for searching Prince's will and his probable heirs, according to USA Today. Since no permanent administrator has been appointed yet, the bank is totally in-charge of reporting updates related to the estate of the Minneapolis-born artist. Estate lawyers warned that more possible heirs are more likely to claim their relationship with the singer.
"The income (from Prince's music) has already surged since his death - millions and millions of dollars earned by the estate, and everyone wants to get a piece of it, not just the heirs but their lawyers," Long Island estate lawyer Jerry Reisman told the publication. His statement comes after Bremer Trust found that somebody by the name of Rodney Herachio Dixon claimed that he is the "sole and exclusive owner" of the entire intellectual properties of the singer.
Los Angeles estate lawyer Jeffrey Eisen said that heirs, including Prince's possible child are expected to turn up in the coming weeks. If this happens, there will be more chaos to the matters concerning Prince's estate. Prince's possible child will get 100% of his estate, and nothing to his siblings.
Meanwhile, without a will, Prince's estate will fall under Minnesota's jurisdiction, Forbes reported. Six siblings of the singer are eligible to claim his wealth. However, there is a possibility that the IRS will be asking up to $150 million in taxes before Prince's fortune will be divided. The musician had a reported net worth of more than $270 million pretax in the past 14 years.
Reports claimed that it was very surprising for a huge star to pass away without leaving a will. There was no definite resolution on how the assets and fortune of Prince will be divided yet. The next hearing will be set in the coming days.
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