The family of late pop star Prince appeared in court today to determine what will happen with his estate.
The 57-year-old reportedly left a $700 million fortune, and according to legal documents filed by his sister, no will.
Under Minnesota law, full- and half-siblings are treated equally. Without a will, Prince's estate would be divided between his sister and five half-siblings.
And then there's the tax. The state has a 16 percent tax rate on estates. Coupled with the Federal rate of 40 percent, heirs will inherit less than half of Prince's estate.
Meanwhile, CBS legal analyst Rikki Klieman says rumours of Prince having a child could "turn a very dignified court proceeding into a circus".
Prince died of unknown causes at his Paisley park compound on April 21. His assets include a music catalogue rumoured to be worth more than half a billion dollars.
Prince's former manager told media last year Prince said he planned to burn everything inside a vault rumoured to contain unreleased music.
The contents of the vault could be worth tens of millions of dollars.
CBS News