The Prince Left $300 Million But No Will; Will All Hell Break Loose Or Not?

Last week, a millionaire passed away. Prince probably had assets of more than $300 million when he died suddenly at 57.

Amazingly, his younger sister Tyka Nelson, his closest known survivor, said that this wealthy singer did not possess one small thing.

Just one will.

That is a shocking bit of news, because, apart from being a creative visionary, he was also a shrewd businessman-owner of all his recording and publishing copyrights. He also had complete control over his music and image.

Whatever and whyever he did what he did is not clear. But the future does not look too peaceful, even if the whole world wishes that he Rest In Peace.

His sister Tyka Nelson, also a singer, filed documents in a Minnesota court with a petition for the appointment of a special administrator. He would oversee the distribution of her brother's assets to her and sundry others.

Under state law, a decedent's legacy is distributed to close relatives if he has not left a will.

Amazingly, his existing music catalog is worth millions, which will only accrete after his death. There is another huge vault with records that have never been heard.

"Right now Tyka is in charge of everything," a Minneapolis-based source said. "It's not contentious. But it's still early."

The sister did not ask to be appointed the executor of Price's estate. But Bremer Trust, a neutral corporate trustee he had worked with "for a number of years" which retained "knowledge of his personal-financial and business-financial affairs" was asked to do so.

While there is some urgency to appoint an administrator to represent the estate, there is nothing unusual about the petition. The estate is "open" and any executor will be handling licensing deals, music releases, and all other business deals.

Why did he not want a will?

No one knows. Maybe he did not have the will to make one. Maybe he did not want to leave one. But now all his assets, "including his Paisley Park estate in Chanhassen, Minn.; his possessions, such as guitars and memorabilia; and that magnificent trove of music," would get distributed to his heirs as per the state law.

Nelson's petition states that he had "substantial assets consisting of personal and real property that requires protection," as well as "heirs whose identities and addresses need to be determined."

Prince had divorced twice and had a son with his first wife Mayte Garcia, who died as an infant after he was born with a rare genetic disorder.