A Minnesota judge declared that Prince did not have a will at the time of his death. In a court hearing in the late singer's home state held Wednesday, the judge approved Bremer Bank to handle both the personal and financial side of his estimated $250 million estate.
In court documents obtained by People magazine state that the bank, who has been trusted with the Purple Rain singer's finances over the years, will "preserve the estate and to secure its proper administration until a general Personal Representative is appointed by the Registrar or by the Court."
Since his sudden passing on April 21 at the age of 57, it has been speculated how his assets will be divided since he left behind no wife, children or parents. According to Minnesota state law, his closest living relatives are entitled to the fortune.
Prince's siblings include his full sister, Tyka Nelson and five half siblings. According to Minnesota law, half siblings are entitled to the same share of inheritance as full siblings.
On Tuesday, Prince's sister Tyka Nelson filed the emergency petition for the appointment of a special administrator in Carver County stating, "I do not know of the existence of a Will and have no reason to believe that the Decedent executed testamentary documents in any form."
A private memorial service was held at Prince Paisley Park estate after the Kiss singer was cremated. In a statement made by his publicist, it was confirmed that his final resting place will remain unknown to the general public. "Prince's remains have been cremated and their final storage will remain private. We ask for your blessings and prayers of comfort for his family and close friends at this time."