New York Estate Planning & Elder Law Blog
David Bowie’s Estate
This year, we lost two music icons. While the death of Prince came as a surprise to the music community, David Bowie lost his battle with cancer. It was not surprising that David Bowie’s estate was left with almost $100 million dollars, a very large sum of money that was all properly distributed according to the terms of his will. Bowie outlined his wishes in his will, that was made over a decade ago, which even stating how he wanted to be cremated. The star died on January 10th, 2016, and in accordance with the terms of his will, his last wishes to be cremated were followed, on January, 12th. The will not only outlined how to distribute the estate, but also how and when funds set aside in trusts were to be distributed to his wife and children.
Additionally, the making of this will has provided a straightforward method to determine how future earnings from his music, past as well as unreleased, will be distributed. Bowie recorded a final few songs which are set for release at specific times in the future.
Prince’s Estate
Rock star, Prince, died suddenly in his famous Paisley Park home, after taking a self administered dose of Fentanyl, a drug that is claimed to be stronger than heroin. At the time of death, the star did not have a will on file, leaving his estate to be distributed by the probate system. With an estate valued at over $250 million, there are many people claiming rights to his assets, but will be surprised to learn they may be receive any inheritance for months or years to come. Since there are so many interested parties, there will undoubtedly be many parties objecting to certain claims.
Additionally, bills will continue to accrue as these disputes ensue that will have to be paid out of the estate of Prince, which takes away more of the funds that Prince’s loved ones are determining ownership of. Since Prince was unmarried and did not have any children, through the probate system, the estate would first go to any blood related siblings or parents. Prince only had one full sibling who stands the best chance at inheriting a large portion of the estate, however, he also has six half siblings who seek to inherit, among countless others who claim they are either related to the star or are owed money from his estate.