Following his unexpected death in April, the estate of pop icon Prince has been subject to multiple claims from ‘long lost’ family members who argue that they should benefit from his £400 million fortune.
The administrator of Prince’s estate has dismissed claims brought by seven individuals who claim to have had some form of relationship with the star, ranging from former wives to distant relations of his sister. This means that his estate is likely to be distributed to his six siblings under intestacy rules.
Prince, who was only 57 when he died, did not leave a Will despite his substantial wealth. This means that family members would potentially have a claim against the estate under the US intestacy rules which tend to vary from state to state. As a result, any claims to an inheritance need to be proved through genealogical research and genetic testing to ensure that no valid claims are dismissed.
Simon Barber, Operations Manager at Title Research, commented;
“While the estate of Prince is obviously a very rare case, it does highlight some of the risks that can be posed by incomplete family information and unknown beneficiaries.
Each year, we deal with hundreds of cases where little is known about the relations between the testator and their beneficiaries. If there is a need to mitigate against the risks of a claim against the estate down the line, we can undertake research into the family relationship to identify anyone who could be in line to inherit assets. Alternatively, missing beneficiary insurance can provide peace of mind for the client if research proves inconclusive.
Even if some form of research has already been undertaken, it is always worth getting a second opinion. We are often asked to check family trees that have been created by family members or ‘amateur genealogists’ and found that 40% of them were incorrect.”
For more information on how Title Research’s services can help to mitigate the risks of estate administration, contact our client services team on 0345 87 27 600.