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Prince's $250 Million Estate May Not Be Settled Until Next Year — At Least!

| Filed under: Legal MattersR.I.P.PrinceFamily

Prince

Prince's estimated $250 million estate is still up in the air.

As you know, the music legend left no known will prior to his unexpected death last month. Because of this, his family is working with Bremer Trust to compromise on a settlement for the singer's remaining assets.

Turns out this process could take months, or even years.

Related: Gene Simmons Apologizes For Calling Prince's Death 'Pathetic'

A source close to the situation tells People:

"There's a lot of different ways that it could play out. Something could be filed in the next 10 minutes that may affect the case, so it's really hard to say what's next."

The insider added that everything being done is standard procedure:

"There's a lot of attention being drawn to this case because it's Prince, but so far this is a pretty routine probate case: The only exciting thing about it is that it's Prince. If you look at it that way, these are just routine probate matters. That doesn't mean that the parties aren't going to disagree on certain points. What those are, we don't know yet because they haven't indicated as such. Some probate cases are very cut-and-dry and wrap up really quickly. Some of them can go on for years."

Yikes. Considering it's only been a few weeks since Prince died, we have a feeling this is just the beginning.

Not to mention the fact that things got hella complicated when a man currently incarcerated claimed to be the late singer's long lost son and as such has a right to a piece of the pie!

The source says that the more people involved, the longer it takes:

"The length of the case really depends on the agreement of all the parties … At this point, we're looking at something that's probably going to last through the year, at least. It just depends on if everyone agrees with everyone's claims. It could be done very quickly.It's just a lot of speculation at this point. Eventually all things will come to appear clear, but it is a slow process: That's the bottom line."

So, it sounds like everything is still very much up in the air at this point.

Buckle up, Perezcious readers!

[Image via Getty Images.]

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