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If this is accurate and Prince does not have a will or a trust, the state of Minnesota will determine who gets his assets. The heirs will then be free to administer the assets, including Prince’s image and music catalog, in any fashion they choose. Additionally, there is going to be a lot of purple rain in the U.S. Treasury because the estate is going to have a hefty tax bill.
Prince could have controlled his legacy and minimized the taxes with estate planning. For an artist that spent so much time and effort during his life to building, controlling, and protecting his image, as well as fighting for the economic rights of artists, it is sad to see all that he worked for turned over to others as dictated by the laws of Minnesota instead of Prince’s own wishes.
While we all may not have the tax burden of Prince’s estate, estate planning is important for everyone to pass on their own wealth and legacy to their heirs. The goal of estate planning is to give what you have, to whom you want, when you want, and the way that you want while passing on your wisdom and values. Please make sure your estate plan is in place and reflects your wishes.