On December 1, 2016, the Daily Mail reported that Prince’s estate is estimated to be worth at least $200 million. Recent court filings suggest this amount. However, probate lawyers know that the actual amount could be a lot higher. What will end up happening with Prince’s estate worth $200 million or more? Who will inherit? What does dying intestate mean?
- Prince died intestate.
- What does this mean?
- It means that he died without a will, and who inherits will be determined by intestacy laws.
- Just recently, a court filing suggests the value of Prince’s estate to be at least $200 million.
- According to the Daily Mail, this is the first time, since Prince’s death, that a specific estimate “has emerged publicly from a court proceeding .”
- Because his estate is being administered intestate, “the rock star’s sister and five half-siblings are in line to inherit equal shares of the estate.”
- Trust and estates lawyers know that these beneficiaries will inherit much less than the estimated amount due to taxes.
- Is Prince’s estate really worth $200 million or will more money be discovered during the continuing probate process?
- To read the entire article, click here.
- Prince did not die in Florida and his estate is being probated according to the intestacy laws of the state in which he died.
- However, if someone you know died intestate in Florida, you can read the relevant Florida Statutes by clicking here.