Prince's estate to be temporarily managed by trust company
MINNEAPOLIS -- A Minnesota judge appointed a trust company to temporarily oversee Prince's multi-million dollar estate on Wednesday.
Bremer Trust was named special administrator of Prince's estate after an informal telephone conference with some of the musician's potential heirs and a judge.
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In an order issued after the conference, Judge Kevin Eide said Prince died "intestate," meaning he did not have a valid will. Prince's sister, Tyka Nelson, asked for the special administrator on Tuesday, saying she believed her brother didn't have a will and immediate decisions about his business interests needed to be made.
The judge wrote that there was no pending application or petition for probate of a will in any court. However, someone could still come forward with a will or trust document. For example, when Michael Jackson died in June 2009, longtime lawyer John Branca filed a will six days later, upending moves by Jackson's mother to become his estate's executor based on her assumption there wasn't a will.
For now, Bremer Trust has the authority to manage and supervise Prince's assets and determine his heirs. Bremer will act as special administrator for six months or until a personal representative is appointed, whichever is less.
Prince, 57, died last week at Paisley Park, his famous home and recording studio complex in suburban Minneapolis. His cause of death hasn't been released.
The value of his estate isn't known. Prince made hundreds of millions of dollars for record companies, concert venues and others. In just three days, the outpouring of grief and nostalgia after his death prompted fans to buy 2.3 million of his songs.
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