—A will is a legal document that simply acts like a road map: it tells the family and the world where the person wanted their money and valuables to go after their death.  Last week, a half dozen family members showed up in court to claim something from Prince’s money.  Many more people are coming out of the woodwork saying they’re related to Prince and should get something.  So far, everyone’s friendly with one another.  I’ve handled a few probates cases as a lawyer—sometimes it brings out the best in a family, sometimes the worst.  I hope the family remains cooperative, but don’t be surprised if we see “Jurassic Park” where everyone wants to eat each other at some point.

—A will would prevent a lot of potential fighting because Prince’s wishes would be clearly stated and not open to argument.  He could even have listed all of his guitars and designated which relative would get each instrument!

—In Minnesota if a person dies without a will, the law says that everything would go to Prince’s wife.  Trouble is, he wasn’t married.  The next spot would be for his children to get everything in equal shares.  His only child died.  Then, it would go to Prince’s parents and siblings, which is where the case is now.  But with as much money involved and the complicated businesses Prince had, dividing it all up will be a long, difficult mess.

—How will it be divided?  No one knows yet.  The court has appointed a special administrator to find all the assets and where they’re located (bank accounts for instance) and determine how much they’re worth.  Creditors must be paid first before any family member sees a dime.  It doesn’t sound too hard, but Prince was notorious for being secretive in his complicated business dealings.  Upshot—it may take years to sort out everything.

—In the meantime, who gets any money?  The lawyers.  The special administrator will hire lawyers and accountants to help him.  Each family member will probably get a lawyer.  All the lawyers will charge thousands of dollars over the years to figure out where the money should go, but the lawyers will get paid first.  In addition without any estate planning, over half of Prince’s money will probably go to the government for taxes.

—Which leads to the saddest part of this mess for me.  Prince was known for his generosity in giving to many charities.  When wealthy people plan their wills, they can direct lots of money to those charities (instead of it going for taxes).  Sadly, that won’t happen in Prince’s case.

The post Prince Dropped the Ball—or the Money! appeared first on Colin T. Nelson.

He owned several companies that operated parts of his business at Paisley Park in Minnesota.  For instance, one of his companies owned the real estate, another owned the recording equipment, etc.  While working at the studio, one of Prince’s employees was injured when a heavy boom fell on his head.

Apparently, the victim wasn’t satisfied with the financial compensation because he sued the company and, therefore Prince.

Rumors flew all over the courthouse that Prince would be called as a witness in the personal injury trial.  Many of us gathered in the audience section of the courtroom and waited.

What would Prince be like?  What would he look like?  What would he do?

Courtrooms are normally formal, subdued environments.  Would Prince do something wild?  Sing to the judge?  Dance?  Would his entourage fill the courtroom, all dressed in purple?

The usual way to get to the courtroom—ride the public elevator and walk into the room—wouldn’t work for someone like Prince.  He was escorted into the building at the ground level by deputy sheriffs.  (For his protection and to keep crowds away)  They took him up to the courtroom by way of the secure prisoner’s elevator!

I was in the courtroom when he entered alone.  None of his entourage were with him.  I was struck be how small he was (5’2″) because of the film and video I’d seen that made him look “larger than life.”  He stepped up to the witness stand and shrank behind the microphone—which was opposite of what he did on stage.  His afro was long and he wore his trademark flashy, purple jacket with a high collar.  His face looked pale, almost white.

I was impressed by a number of things.  His public image was so “on the edge,” sexy, and wild.  In person, he spoke quietly and respectfully to all questions—even to the lawyers who badgered him.  He was humble and actually looked uneasy during his public appearance for the trial.

There were no “fireworks” in the courtroom, he finished his testimony, and walked back to the prisoner’s elevator in platform shoes.  He left the impression of a capable, humble, polite, and almost normal—person.  In spite of his fame.

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