laytonian said:

nursev said:

Never thought that Prince would end like this and things would be like this.

I think it clearly means he did not see himself in danger of dying soon.

agreed

mailaccount63 said:

musicfan77 said:

http://tcbmag.com/Industr...incely-Sum

Remember, Orgers, when you post a link: Proper credit needs to be given where proper credit is due. That is one of the main rules here at the Org, don't forget. AND it, as far as I understood, was a very important principle to Prince.

The title of the above-referenced article is: "A Princely Sum" * by Tad Simons * June 29, 2016 * Twin Cities Business

This is a VERY good article. Thank you for the heads-up musicfan77, and thank you for the link.

I'm glad they highlighted the irony between Prince's fight to control his legacy and the confusion that is now occurring without a will being found. As a fan, even though I have no legal standing in the matter, I pray his legacy is carried forward in a manner fitting of him.

mailaccount63 said:

manabean84 said:

My husband and I have talked numerous times about drawing up a Will. Biggest reason is to determine who would care for our children if we both should pass away. To honest I don't own much, well a house but I could give a hoot less who gets my posses or what little money I have. I want my kids to be taken care of by the right and best person. We can't agree on that. Husband wants kids to go to his sister 2000 miles away, I don't want them to be so far from the rest of our family and our parents. If we should pass, then our kids get taken away that would break their hearts even more. This is the one thing holding us back from making decisions and drawing up a Will.

You don't need to have a big estate to still have need to draw up a will. You want your kids to be taken care of - THAT is probably the most important need for a will - in my opinion.

Let me give you something to consider: You and your husband don't need to agree on who would be your childrens' guardian in the event that BOTH of you would pass at the same time (which rarely happens, but in the vocational field of Law, lawyers prefer to prepare for the worst and hope for the best). So at least do wills on what you DO agree on.

Besides, attorneys are going to suggest to you that you each get your own lawyer to do your own wills anyway. Clients usually want to do everything they can to save money, so it is very common for husband and wife to use the same attorney. But if a large estate is involved, and/or the husband and wife cannot agree, it will probably be suggested to you, and I suggest, that you each get different lawyers to draw up your wills.

Wills aren't just for transferring property. Wills are also for settling debts in the event of your death. (And the last time I checked, we ALL die.) Wills make it easier for the person that settles your estate, and gives them the ability to do it in a timely fashion. Notice: When you die, you will be DEAD. The Will isn't for YOU. It is for someone else to settle your estate.

Do you have life insurance? WHY?!? You need a Will for the same reason.

(This is not legal advice. For legal advice concerning you specifically, please consult with a lawyer.)

I understand the reason and the need for it. I never thought about doing 2 separate Wills though, one for me one for my husband. That makes a lot of sense, because he has two children from a previous marriage. So I think it would be important for us to both have separte ones in the event that he passes before me so all of his children are taken care of. We do have life insurance, although I thought by me listing beneficiaries would be sufficient. I think I really do need to lawyer up and get more informed!

bilbolives said:

mailaccount63 said:

Remember, Orgers, when you post a link: Proper credit needs to be given where proper credit is due. That is one of the main rules here at the Org, don't forget. AND it, as far as I understood, was a very important principle to Prince.

The title of the above-referenced article is: "A Princely Sum" * by Tad Simons * June 29, 2016 * Twin Cities Business

This is a VERY good article. Thank you for the heads-up musicfan77, and thank you for the link.

I'm glad they highlighted the irony between Prince's fight to control his legacy and the confusion that is now occurring without a will being found. As a fan, even though I have no legal standing in the matter, I pray his legacy is carried forward in a manner fitting of him.

manabean84 said:

mailaccount63 said:

(THE most important thing that I try to get others to understand:)
>>>>>You don't need to have a big estate to still have need to draw up a will.<<<<< You want your kids to be taken care of - THAT is probably the most important need for a will - in my opinion.

Let me give you something to consider: You and your husband don't need to agree on who would be your childrens' guardian in the event that BOTH of you would pass at the same time (which rarely happens, but in the vocational field of Law, lawyers prefer to prepare for the worst and hope for the best). So at least do wills on what you DO agree on.

Besides, attorneys are going to suggest to you that you each get your own lawyer to do your own wills anyway. Clients usually want to do everything they can to save money, so it is very common for husband and wife to use the same attorney. But if a large estate is involved, and/or the husband and wife cannot agree, it will probably be suggested to you, and I suggest, that you each get different lawyers to draw up your wills.

Wills aren't just for transferring property. Wills are also for settling debts in the event of your death. (And the last time I checked, we ALL die.) Wills make it easier for the person that settles your estate, and gives them the ability to do it in a timely fashion. Notice: When you die, you will be DEAD. The Will isn't for YOU. It is for someone else to settle your estate.

Do you have life insurance? WHY?!? You need a Will for the same reason.

(This is not legal advice. For legal advice concerning you specifically, please consult with a lawyer.)

I understand the reason and the need for it. I never thought about doing 2 separate Wills though, one for me one for my husband. That makes a lot of sense, because he has two children from a previous marriage. So I think it would be important for us to both have separte ones in the event that he passes before me so all of his children are taken care of. We do have life insurance, although I thought by me listing beneficiaries would be sufficient. I think I really do need to lawyer up and get more informed!

manabean84 - Suggestion: If your husband has two children from a previous marriage, THAT is even more reason you should have your wills done by two separate lawyers.

Go to your local Public Library and start checking out and reading books about estate planning. That won't cost you anything - inexpensive way to get more informed.

Your life insurance is contractual - which means it is a NONprobate asset. It is part of your estate, but it would not be under the jurisdiction of the probate court, because it has a contract that lists the beneficiaries.

(This is for information purposes only. For legal advice about your specific estate, please consult with an attorney.)

nelcp777 said:

XxAxX said:

my fear is that at the end of it all, after attorneys' fees are subtracted there will be only $7.77 left for the heirs to divide

Sadly, this has happened to other artists in the past.

SpinsterSister said:

manabean84 said:

My husband and I have talked numerous times about drawing up a Will. Biggest reason is to determine who would care for our children if we both should pass away. To honest I don't own much, well a house but I could give a hoot less who gets my posses or what little money I have. I want my kids to be taken care of by the right and best person. We can't agree on that. Husband wants kids to go to his sister 2000 miles away, I don't want them to be so far from the rest of our family and our parents. If we should pass, then our kids get taken away that would break their hearts even more. This is the one thing holding us back from making decisions and drawing up a Will.

trust me, you will give a hoot about your house and other funds, possessions - especially if you have children. you can have the proceeds from the sale of your house deposited into a trust fund for them - why give the government extra money that your children could use in the future? as far as who gets your kids, I have no idea, that is an area I did not have to deal with.

Regarding the $300 million, does it take into account what he has in the bank?

1Sasha said:

The two ex-wives apparently have no paperwork - no pre-nup, insurance beneficiary document, living will, divorce/annulment paper, medical directive or other formal written notice, among others "normal" people would have in place - which would include a copy of a will and/or trust. I would have thought the second wife, who seemed more savvy than his first, looked out for herself more.

When you get divorced, it is highly unlikely that you would be in the will of your ex-spouse. Also, it is highly unlikely that such an issue would not have been taken care of by both sides. P died single. His heirs do not include his ex-wives.

Eileen said:

SpinsterSister said:

I remember my attorneys said my sister could have written a will on a napkin and as long as it was dated and signed by her, it would be considered valid - however, would take longer through the court for any claims. I am in California. No idea was MN laws state rules are for wills.

MN requires witnesses and generally will not accept invalid wills, esp. if challenged.

No one accepts "invalid wills" challenged or not.

rap said:

So it could increase??

rap said:

So it could increase??

.

That depends on his burn rate while alive versus the burn rate of the caretakers of the estate, assuming the cashflow towards the estate is the same as the cashflow towards the artist while alive.

(which it won't be due to e.g. less gigs performed by the caretakers)

dougfrm said:

Eileen said:

MN requires witnesses and generally will not accept invalid wills, esp. if challenged.

No one accepts "invalid wills" challenged or not.

None of the sources I used explicitly confirmed that MN Probate Courts were known to have a 100% rejection rate of wills that did/do not fully comply with MN law, so I wasn't comfortable stating such.

udo said:

Eileen said:

SpinsterSister said:

Thanks Malia, I was using what happened with my sister as an example. The issues were that she had just given up her CA domicile and fell under MA rules. Unmarried, no children and a "live in" boyfriend who sued us for everything, including life insurance that was designated for my parents. It was also for her real estate left here in CA. We filed probate in both CA and MA because of the circumstances and trust me MA takes care of business. The money I spent was pricey and you will burn through money figuring out what exactly the inventory contains, receipts, and then if somebody or a creditor comes forward - fighting over EVERYTHING!!!

With my anger and frustration, my attorney(s) said she could've done as a last minute ditch effort had written her directions on a cocktail napkin and CA would've accepted it, although it would have taken longer to process through.

Trust me people, learn from what is going on with Prince's estate and my own words....

THE MOST LOVING THING YOU CAN DO FOR YOUR FAMILY IS TO (AT LEAST) MAKE A WILL OR SET UP A FAMILY TRUST. ALSO LOOK INTO MAKING AN ADVANCE DIRECTIVE, VERY IMPORTANT AND YOU WILL SAVE YOUR LOVED ONES GRIEF IF GOD FORBID, YOU ARE NOT ABLE TO MAKE YOUR OWN MEDICAL DECISIONS AND WHILE YOU'RE AT IT, LET THEM KNOW HOW YOU WOULD LIKE YOUR BODY HONORED AFTER YOUR GRADUATION.

I am trying to teach you a little bit about probate here for three reasons: (1) it will save you some money; (2) by teaching "survivors" (for lack of a better word) about probate and the estate process, it helps them heal; and (3) this is a massive estate. We are a great Purple Army, and if everyone can keep their eyes/ears open, and post things that are not already posted, we should be able to help each other keep on top of it.

In SpinsterSister's above-referenced words she had two separate probate cases for her sister's estate. Why? Real estate. Real estate is administered by the law of the state (or country) in which it is situated. (insert groans here)

Probate in another state (and/or country) is called "ancillary probate".

In probate, the place where you live, most of the time, is called your "domicile". So Prince's main probate case, "domiciliary probate" case is in Minnesota.

The real estate that Prince owned in other states (countries?) may or may not be mentioned in the Inventory for Carver County, Minnesota.

All of these assets, ALL of this property, in ALL of these probate cases are Prince's estate. (If Prince also owns any nonprobate assets [like life insurance], that too is part of his estate, but not subject to the jurisdiction of The Court.)

Previously, in Reply #324, fellow-Orger musicfan77 linked us to an article "A Princely Sum", which stated potential assets that may be in Prince's estate, some of which may be on the Inventory for Carver County. The paragraph stated: "According to Carver County property records, Prince owns 16 properties in Minnesota--including four in Chanhassen, two in Minneapolis, and one in Excelsior--which are worth just over $31 million. The most valuable of these properties is a 156-acre parcel of land on the shores of Lake Lucy and Lake Ann in Chanhassen, valued at $13.68 million. Paisley Park, the 9-acre recording/living/party complex where Prince died, is valued at $7 million. The rest are various properties valued at $95,000 on up. Recording equipment, musical instruments, personal belongings, a few cars, and some art constitute the bulk of his other physical assets. It's unclear what he had stashed away in cash and investments."

In my previous reply #34, I linked us to an article "Prince's estate has land worth millions and a catalog worth more" that I think went largely overlooked because it was so soon after The Purple One's passing. That article was more detailed on some of the estate assets. "His properties included:
*Paisley Park studio (7801 Audubon Road, Chanhassen, owned by PRN Music Corp., nine acres valued at $7.01 million, according to Carver County property tax records.
*7021 Galpin Blvd., Chanhassen, 187 acres with an estimated value of $16.43 million, according to Carver County property tax records.
*Newton Avenue North property, Minneapolis (a few blocks east of Theodore Wirth Park), built in 1904, this was one of his childhood homes. Hennepin County assessed its value at $87,000.
*A single-family home on King Creek Road in Golden Valley, in a neighborhood north of the Menards store on Interstate 394. The half-acre lot and 1985-built one-story house is worth $431,000, according to Hennepin County.
*An undeveloped lot on the 8000 block of Aztec Drive in Eden Prairie that's 0.91 acres and has an assessed value of $247,000. Prince apparently purchased this land with the intent to build Paisley Park there. The City Council turned him down after nearby homeowners raised concerns about the potential noise.
*Other searches of public records show that Prince has been associated with addresses in Beverly Hills, New York, and potentially New Jersey, Virginia, and Tennessee."

And I have heard something about Prince owning real estate outside of the U.S.A.

So..... what should they liquidate to save Paisley Park?? so they can potentially make it into a museum dedicated to Prince and music?? (Oh, but that is the subject of another thread.....)

I thank you for your kind attention while I discuss the potential assets in Prince's Estate, and some of the potential assets that will be listed on the Estate's Inventory in Minnesota. I thank the Mods for their patience while I typed a lengthy reply.

And... to all USA citizens everywhere... Happy Fourth of July!

(The preceding is for informational purposes only. This is not legal advice, and does not constitute a relationship with a client. If you have any specific legal questions, please seek the advice of an attorney.)

[Edited 7/3/16 18:47pm]

udo said:

rap said:

So it could increase??

.

That depends on his burn rate while alive versus the burn rate of the caretakers of the estate, assuming the cashflow towards the estate is the same as the cashflow towards the artist while alive.

(which it won't be due to e.g. less gigs performed by the caretakers)

So how did they arrive at $300 million?

rap said:

udo said:

.

That depends on his burn rate while alive versus the burn rate of the caretakers of the estate, assuming the cashflow towards the estate is the same as the cashflow towards the artist while alive.

(which it won't be due to e.g. less gigs performed by the caretakers)

So how did they arrive at $300 million?

.

- real estate

- cash

- royalty streams

- property rights

- the vault

- ...

.

We can help the Estate by offering to write a crowdfunded memoir or similar.

udo said:

It's interesting regarding the vault, when nobody knows what it's contents are! And, there is more that one vault too.

Someone who goes by the names Claire Boyd aka Claire Elisabeth Elliot aka Claire Elisabeth Nelson is claiming that she secretly married Prince on January 14, 2002, in case you wanted to know.

http://www.mncourts.gov/m...7-4-16.pdf

tmo1965 said:

mailaccount63 said:

mailaccount63 said:

mailaccount63 said:

Yeah, and she claims that Prince named her as his sole heir in a "secret" Will!

She also states that their Marriage Certificate and Prince's "secret" Will is considered to be "Top Secret" by the CIA. Claire also states that she is NOT insane.

At this rate, we should all file Some of this stuff on the court website is unbelievable!

Prince mentioned on Arsenio that he would like to teach if he didn't play...Turning PP into a school to teach about him as an artist and teach music would be awesome.

[Edited 7/6/16 15:42pm]

mailaccount63 said:

manabean84 said:

I understand the reason and the need for it. I never thought about doing 2 separate Wills though, one for me one for my husband. That makes a lot of sense, because he has two children from a previous marriage. So I think it would be important for us to both have separte ones in the event that he passes before me so all of his children are taken care of. We do have life insurance, although I thought by me listing beneficiaries would be sufficient. I think I really do need to lawyer up and get more informed!

manabean84 - Suggestion: If your husband has two children from a previous marriage, THAT is even more reason you should have your wills done by two separate lawyers.

Go to your local Public Library and start checking out and reading books about estate planning. That won't cost you anything - inexpensive way to get more informed.

Your life insurance is contractual - which means it is a NONprobate asset. It is part of your estate, but it would not be under the jurisdiction of the probate court, because it has a contract that lists the beneficiaries.

(This is for information purposes only. For legal advice about your specific estate, please consult with an attorney.)

Manabean84 - FYI you dont need two separate attorneys to draft a will for you and your husband. But you do need two separate wills. All married spouses need separate wills. Life insurance policies do not go into probate as well as any joint financial accounts. If you have a survivorship deed filed on any real estate jointly owned, the real estate will go to the surviving spouse without it being probated. Listing each other as beneficiaries on life insurance policies is sufficient, unless you want to leave a portion of the life insurance policy to additional individuals. You would need to add their name(s) as a beneficiary on the policy. Life insurance policies do not go into probate. The proceeds go directly to the beneficiary without court intervention.

I try to keep up on a daily basis with the Minnesota Probate filings. There have been 15 claims filed by siblings/half siblings/decendants of Duane/possible children, along with 8 claims from distant relatives, and an additional claim by the crazy lady as described above. None of the possible children have been identified other than the "you are not the father" inmate.

However, in the filings, probably due to error by the attorney (because the Judge has sealed the records), I found a filing where an attorney is representing an individual in regard to a possible paternity claim.

I was able to figure out the name of this possible heir by deduction. I havent heard of this individual before. I investigated further and found a photo of this person, and shooot, maybe it is a child of PRN. It is NOT Capriccio C or that other guy on YouTube with the side photo.

Do I sound like The Enquirer?

I hope and pray there is a child heir of Prince, so that his estate does not go to his siblings. Am I so wrong in wishing this? Do I need to stop drinking wine and lurking on prince.org?

ISaidLifeIsJustAGame said:

I hope and pray there is a child heir of Prince, so that his estate does not go to his siblings. Am I so wrong in wishing this? Do I need to stop drinking wine and lurking on prince.org?

.

Noooo!

Please post your findings in more detail so we can try to verify, comment, etc.