When a person dies without a will, it is not necessary for the estate to be enormous to have disputes among family members arise. However, as the estate increases in value, the likelihood of probate litigation will obviously increase. In Ohio, tensions over oil rights, a family farm, business interests and intellectual property can be common in probate court.
Earlier this year, this blog reported the story of potential heirs and beneficiaries claiming to have rights in the estate of the iconic musician Prince. The intellectual property rights alone are worth a fortune. As for real estate matters in the Prince estate? Well, it seems that there will not be a major fight over what should happen to the recording studio and compound that Prince called home (though income from the property could be an issue for some time to come). The estate is selling a separate villa in the Caribbean to cover some estate tax bills.
As for Paisley Park, the estate plans to open the compound for public tours beginning in early October. The special administrator of Prince's estate recently announced the plan to treat Paisley Park as a museum, somewhat like how Graceland is treated, according to USA Today. More than 500,000 people visit Graceland each year, according to USA today, generating cash for the Presley Estate, as well as millions in tourism revenue for the city of Memphis.
Turning Paisley Park into a museum, open to the public, was something that Prince always wanted and was actively working on before his death. It appears that dream will come true, despite the failure of anyone to locate a will. Nonetheless, many issues remain to be resolved in settling the estate of the musician.