A trust company has now been appointed by the court to oversee Prince's estate.
Bremer Trust, National Association will serve as special administrator of the estate after Prince's sister, Tyka Nelson, filed legal documents in the legendary musician's home state of Minnesota on Tuesday asking the court to appoint the company. According to the petition, Bremer Bank provided financial services to Prince for years, and had knowledge of his personal and business financial affairs.
The new court documents obtained by ET on Wednesday indicate that Prince does not have a will, which Nelson also stated in her initial petition.
The decision to appoint Bremer Trust was made after an emergency conference call on Wednesday -- which included Nelson, her attorneys, and another one of the possible heirs to Prince's fortune, his half-sibling, Omarr Baker -- according to the documents.
"The matter was heard informally via conference call on an emergency basis because not all interested parties could be notified of the Petition," the papers read.
Aside from Nelson and Baker, potential beneficiaries of Prince's fortune include the "Purple Rain" singer's four other half-siblings: John Nelson, Norrine Nelson, Sharon Nelson, and Alfred Jackson. Prince's deceased half-sister, Lorna Nelson, is also named as a possible heir in Nelson's petition on Tuesday, though she left behind no children. According to Minnesota state code, Prince's estate will be divided among his siblings, since he didn't leave behind a living spouse, children, parents, or grandparents.
Prince's net worth is reportedly near $300 million, with his song catalog alone being worth $100 million, according to Bloomberg News. He had also signed a deal with Tidal for the exclusive streaming rights to his songs prior to his death. Prince's estate is also bound to make a significant amount of money in the coming weeks due to a boost in merchandise and music sold following his death.