Transcript – Prince’s Will Fox 5 News

ANNOUNCER: Right now on Fox 5 News at 10.

M: Police investigating a reported sexual assault on a Fairfield University campus in Connecticut happened in a wooded area around 11 o’clock last night as the student was walking from the library. Her attacker is believed to be in his 40s. The school urging students not to walk alone at night. Some new information on Prince’s death. TMZ is reporting that police interviewed a lawyer who once represented two of the musician’s siblings who told him Prince abused Percocet and cocaine, but police will not be able to question Prince’s half-sister or step-brother because they passed away years ago. Prince, of course, found dead at his estate last week in Minneapolis. TMZ says he overdosed on Percocet just days before. The toxicology results are still pending.

F: Meanwhile there are new questions about who is going to inherit Prince’s fortune. The singer reportedly did not leave a will when he died.

M: All right. Jessica Fermoso shows us how that’s leading a lot of people to think something most of us would just as soon not think about.

Jessica: As we await new information from Minnesota surrounding Prince’s death, his family is beginning to take the necessary legal actions to manage his business interests. His sister Tyka Nelson believes the music icon didn’t have a will.

Jules Haas: Many people die without wills. And the reason is they either don’t get around to signing a will or they feel that there’s some bad omen.

Jessica: How important is it to have a will?

M2: Very important.

Jessica: Why?

M2: If anything happens to me, how is my family going to be taken care of?

Jessica: Nelson asked a Minnesota court on Tuesday to appoint a trust company to temporarily oversee his multi-million dollar estate. Jules Haas, an estate planning attorney here in New York says there are repercussions for not having a will.

Jules: When you don’t have a will, you can’t specify who’s to get your assets. Therefore you’re limited to what the law allows. And under the law your assets are going to go to your next of kin. In New York those are your distributees.

Jessica: Under Minnesota law, if a person dies without a will and with no surviving parents, children, or grandchildren, the next people in line to share in the estate are the surviving siblings, including half siblings.

Jules: In New York, even if you’re a half sibling, then you’re included in that class. So you would be entitled, they would be entitled to a share.

Jessica: Haas says leaving a will is crucial, especially if you have a large family. The reason? Well, it can take a long time to identify who your next of kin is.

Jules: You’re subjecting your estate to many years-potentially many years of litigation and uncertainty.

Jessica: Bottom line, if you have any assets, you should have a will. Haas also recommends having a living will as well as a health proxy which is when you name someone to make health decisions for you. On the Upper East Side, I’m Jessica Formoso, Fox 5 News.