6 Years Later, Prince’s Estate Court Battle Ends

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6 Years Later, Prince’s Estate Court Battle Ends

Six years after legendary musician Prince passed away his estate has finally been settled. The vast wealth accumulated by the artist will go to his heirs and to Primary Wave, which owns approximately half of Prince’s $156 million estate. The judge has signed off on the deal, and it has been finalized. Since Prince died without a Will, there were probate issues and considerations that had to be worked out in the courts.

There will be approximately $6 million in cash distributed through the settlement of the estate, along with music rights and intangible items. Prince left behind three heirs who will get some of the estate, along with their families and advisors. He passed away in 2016, at 57 years of age, from a fentanyl overdose.

During his lifetime, Prince was very careful about the rights to his intellectual property, which made it surprising that he died without having a Will in place. He had no children and wasn’t married at the time of his death, so six half-siblings were named the legal heirs to his estate. Three sold all or the majority of their shares to Primary Wave, while three retained stake in the estate.

The three heirs that chose to keep their stake had advisors to help them through the process, and those advisors will also receive proceeds from the now-settled estate. Setting a final taxation value with the IRS was a big hurdle the heirs had to get through as part of the estate settlement, and then the structure of how the assets were divided had to be approved by the court.

Converting Prince’s assets to limited liability companies was also completed, which helped limit the estate tax. Primary Wave and the other heirs to Prince’s assets are now free to do what they please with what they’ve received, as long as they follow anything they agreed to in regard to distribution of his music or other intellectual property.

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