Trust Company Appointed Temporary Manager of Prince's Estate

[Guest Nicole]

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9 Apr 2016 02:11 PM EST

-by Laura Tucker, Staff Writer; Image: Prince Rogers Nelson performing in the 1980s (Image Source: Yves Lorson via Wikimedia Commons)

We've been hearing this week that Prince might not have had a will, and that if that is the case, by Minnesota law, his closest living relative would be rewarded with his estate. In this case it would be his full sister, Tyka Nelson.

Out of all this confusion, a trust company has now been appointed to help manage his estate until someone else officially takes over.

Prince was divorced twice, and his only child died at just one week old. His sister Tyka, also a singer, is a recovering addict who at one time lived in a crack house. She and her brother were somewhat distant at one point but grew closer as of late. In addition, he has five half-siblings from his father's second marriage.

After stating earlier that she believed there was no will and that she was the only benefactor, Tyka asked for the appointment of a special administrator because she believed immediate decisions need to be made regarding his business interests.

Brewer Trust has now been named special administrator of the estate as the result of an informal telephone conference with Prince's possible heirs and a judge.

The judge has decided that Bremer Trust has the authority to manage and supervisor the musician's assets and to determine his heirs. They will have this role for six months or until a personal representative is appointed.

It has been said that the estate could be worth as much as $800 million. In addition to that there is a known vault that contains up to 2,000 recordings of his that were never released. Prince was in control of those as well as all of his other music.

However, because of Prince's close association with the Jehovah's Witnesses, some have assumed that he would have left at least some of his fortune to them, yet nothing in that realm has been substantiated yet.

Source: http://www.allmediany.com/articles/40410-trust-company-appointed-temporary-manager-of-prince039s-estate