Prince estate fate a cautionary tale

English: Prince playing at Coachella 2008.
English: Prince playing at Coachella 2008. (Photo credit: Wikipedia)

The future of the multi-million dollar estate of music superstar Prince remains unclear four months after his untimely death.

A story on noted that last week the trust managing the singer’s estate sought court permission to be able to sell his Minneapolis compound known as Paisley Park as well as his other 19 properties.

But a day later the administrator said there were no plans to sell Paisley Park, which is worth $7 million.

A trust official said in an affidavit that the homes need to be sold to pay off estate and income taxes and other expenses.

The problem is compounded by the fact that no will has been found. Since potential heirs are coming out of the woodwork, nobody knows what will happen.

The message: have an estate plan.

And those with multiple properties should have a revocable living trust, according to the story.

If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.

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