Prince created a remarkable legacy of music. It’s hard to believe that Prince may not have executed a will to protect and distribute his legacy, music archive, property and estate. According to a recent N.Y. Times article, Prince negotiated control of his valuable music copyrights & publishing catalog recently. Additionally, Prince likely has unreleased recordings. The value of these combined assets (current royalty earnings, music catalog, unreleased recordings and the copyright ownership of his music) is huge.
By executing a will, an individual states their intention for distribution of their assets. For example, who will own and manage a music catalog, copyrights, and unreleased recordings (along with other property and assets). With the amount of time and energy Prince spent creating his legacy, it’s hard to image that he did not have an intention for how his legacy would live on.
For any individual, it’s advantageous to have a will and avoid having one’s estate administered without it.
BY: Vanessa Kaster, Esq., LL.M.
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See also: a New York Times news article titled, Prince Died Without a Will, According to Court Documents Filed by His Sister by B. Sisario at http://www.nytimes.com/2016/04/27/arts/music/prince-died-without-a-will-according-to-court-documents.html?smprod=nytcore-iphone&smid=nytcore-iphone-share&_r=0; @iplegalfreebies and www.kasterlegal.com