Prince’s Legacy: 8 Years On
Written by Claire Thompson | Wills, Trusts, Tax and Probate Team | 25 January 2024
The passing of a cultural icon such as Prince leaves the world wondering about his legacy. Many expected that Prince would be remembered for his songwriting and unique style. Few would have guessed that Prince’s legacy would be caught up in a protracted legal battle over his estate which, nearly eight years after he passed away, is still making headlines.
Prince’s legacy is not just confined to his music. It extends to his vast and diverse array of assets, which includes unreleased music, an extensive catalogue of hits, Paisley Park (his famous recording studio and home) and other intellectual property rights. Unlike other artists, Prince was renowned for maintaining a tight grip over his music and business affairs which made his estate all the more complex.
Perhaps the biggest factor contributing to the ongoing legal battle is the fact that Prince did not leave a clear and valid Will. Without a Will, his estate has become vulnerable to disputes and challenges. The process of administering his estate is more complex and there is more scope for disagreements along the way.
One issue has been determining the rightful heirs to Prince’s estate. He was not survived by any legitimate children and his parents had both predeceased him. This lead to a search for more distance relatives, including half-siblings and potential children which resulted in a complex web of claimants. Identifying and validating the claims of the legitimate heirs has been a time-consuming and contentious.
Valuing Prince’s extensive and unique assets has been another stumbling block. Assessing the worth of unreleased music, intellectual property and the Paisley Park estate was a difficult task requiring the expertise of a number of appraisers and legal professionals. The administrator of the estate and the IRS had a very different option of the value of the late artist’s assets which lead to substantial delays in the administration of the estate.
The fact that Prince’s music and brand are valuable intellectual property assets has added another layer of complexity to the administration of the estate. It has been necessary for the estate to navigate licensing dealings, copyright issues and negotiations with various parties interested in leveraging Prince’s intellectual property for commercial purposes.
The latest chapter in this ongoing saga is that two of Prince’s former business associates who control Prince Legacy LLC (an entity which is one of two holding companies which were created in 2022 to run Prince’s estate) have filed a case against four of Prince’s heirs stating that they have been improperly attempting to force them out of the company. They claim this violates the operating agreement and suggested that, if successful, this would cause significant damage to efforts to protect and preserve Prince’s legacy. Primary Wave, which owns the other half of Prince’s estate, is not thought to be involved in the dispute.
The prolonged legal battle over Prince’s estate serves as a cautionary tale about the importance of comprehensive estate planning and creating a valid Will. Although Prince was American and the estate issues governed by US laws the same issues, which have caused such difficulties with his estate, can impact anyone.
If you would like to speak to a member of our experienced Wills, Trusts, Tax and Probate team, you can contact them directly by calling 01752 827067 or email wills@nash.co.uk.
