Update: Prince’s Estate in Probate
The dreams of fame and fortune turned out to be short lived for 29 people who claimed to have a lawful share of Prince Nelson’s legacy.
Carver County District Judge Kevin Eide disallowed the claims of eleven reputed siblings, five alleged children, and thirteen purported cousins/nieces/nephews. At the same time, Judge Eide agreed to allow an alleged niece and grandniece to provide DNA samples so they could prove their claims; Prince’s sister, Tyka, and three of his half-siblings also had their claims approved pending DNA test results. Some of the claimants failed to provide even basic documentation in support of their assertions, while others faced legal hurdles they could not overcome. For example, six disputed half-siblings claimed that they had the same father as Prince, but under Minnesota law, the deceased John L. Nelson is presumed to be Prince’s father because he was married to Prince’s mother.
Prince’s estate may be worth as much as $300 million, and the estate must pay an estimated $150 million in taxes by January 2017.
Probate in New Hampshire
An updated will is arguably the best present that you can give your heirs, because it almost completely short-circuits protracted disputes like the one going on in Minnesota. Every dollar that your lawful heirs spend defending their claims reduces the legacy that you intended to leave them.
Some people are also intimidated by the estate administration process. But in New Hampshire, the procedure is usually quite straightforward.
- Voluntary Administration: The fastest model only applies to estates under $10,000 that contain no real property.
- Waiver Administration: If the decedent is only survived by a spouse, immediate family members, or a trust, the estate can be probated in as little as six months. The vast majority of estates in the Granite State are waiver administrations.
- Standard Administration: The timeline varies, but in most jurisdictions, regular administration takes about 12 to 18 months.
Wills make the process go much more smoothly, because there is no guesswork as to the nature of the estate, the identity of the heirs, and the wishes of the testator (person who made the will).
A clear and comprehensive will nearly always means a faster and more efficient probate. Contact us to learn how to liquidate inherited real property and turn it into cash.
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