They are reporting that he did not have a will. According to TMZ and other news agencies, his sister has an independent Executor taking of his finances, etc. This Executor will be the one to divide up his possessions, etc.
I heard that she has said that she would like his 1/2 siblings to each receive equal amounts.
That was very wise of her because some of these celebrities who didn't have wills, well, their families (even after as much as 20 years) are still fighting over possessions, money, etc.
Everyone should have some kind of will. You can get the forms on line and even buy computer packages that make 'will making' relatively easy. You MUST take it to a notary (bank, etc) and have it notarized (so it's legal).
I have friends who say, "I don't own much". I say, "Well, you'd be surprised at how much you REALLY do have". Once you start adding things up often it equals more than people realize.
You should also have a directive on whether or not you want to be kept alive by all means, etc (there are names for all of this and forms for all of this).
When my husband died unexpectedly, my oldest daughter and I went to a lawyer who specializes in wills because my husband and I owned a lot of land and small 2 person businesses (he was an investor).
Talk to your loved one first and decide what you and they want. Then, if I were you, I'd talk to people who are very close to you, very close, (i.e. children) and tell them just where the will is kept (preferably in a safe) safe are usually in banks and they are way more inexpensive than people realize. Most of them cost under $100 per year. You can put in there anything you want.
Have an Executor and give them a copy of the will or tell them exactly where it is. It is usually better to have an executor who is not your husband or wife (there is a lot to deal with) in Va they are sworn in and believe me, the IRS will be watching. The Executor is responsible for making sure any of the deceased's bills are paid first and then following out the rules of the will.
There is more but you get the idea. It's best to not scribble something on a blank piece of paper. My friends have gotten their wills from Staples, etc. They are as legal as going to a lawyer and costs way less. Just get the final paper notarized so it can never be contested.
There are people here who probably know a lot more of the legal aspects of all of this. What I have said is just the bare bones of it.
There are so many things you can do to prepare ahead in case a husband or wife dies. I won't go into it but in the long run it can save you a lot of money (ONE WORD...inheritance tax).
I just find it unbelievable that all of these people who surround him never had him sit down and make out a will!!
One note. I recently saw an interview by the gentleman who handled much of Prince's business. He said the people in his town and surrounding have no idea about all of the money and things he did for these communities. He rattled on and on about a few of the things he's done. He said, "There are people who have solar power on their roofs because they couldn't afford electric bills and never knew that he bought that solar equipment".
He said, (I don't know if this is true because I'm not familiar with this religion) but he said that Jehovah Witness religion says that one is not supposed to talk about the good things they do for others. He said Prince followed that rule and no one was allowed to tell about all that he did for people.
It was funny because today I was having lunch with a dear friend and I told her about my Mother loved Prince and as soon as his movie came out, she bought it. I said it was a joke in our family about my mother (who was then in her 60's at least) liked Prince. She looked at me and said, "That's funny because after my mother died we went through some of her things and found a Prince T-Shirt! She said, "I had no idea she even knew who he was". Isn't that funny?
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