A Judge Confirms Prince Did Not Have a Will, Appoints His Bank to Oversee His Estate

04/27/2016 AT 03:45 PM EDT



Musical genius Prince died April 21 at the age of 57. Subscribe now for an inside look into his private life and shocking death, only in PEOPLE.

A Judge Confirms Prince Did Not Have a Will, Appoints His Bank to Oversee His Estate| Death, Prince

Prince

David Brewster / Minneapolis Star Tribune / Zuma



A Minnesota judge has made it official – despite Prince's estate being worth an approximated $250 million, the singer did not have a will in place to declare the distribution of his assets.

A hearing was held Wednesday morning, according to court documents obtained by PEOPLE, and the judge has approved Bremer Bank, the institution Prince trusted with his finances over the years, to move forward with handling his estate – both personal and financial business.

Bremer Trust has been tasked to "preserve the estate and to secure its proper administration until a general Personal Representative is appointed by the Registrar or by the Court," according to the documents.

The Trust is also charged with locating his heirs, which include his sister Tyka Nelson and five half-siblings. His half-brother Omarr Baker attended the conference call.

A Judge Confirms Prince Did Not Have a Will, Appoints His Bank to Oversee His Estate| Death, Prince

Tyka Nelson

AKM-GSI



On Tuesday morning, Prince's sister Tyka had filed the emergency petition for the appointment of a special administrator, according to Minnesota court documents obtained by PEOPLE.

"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," states the document, which was filed in Carver County.

For more on Prince's private world and tragic death, pick up this week's issue of PEOPLE, on newsstands Friday.

A Judge Confirms Prince Did Not Have a Will, Appoints His Bank to Oversee His Estate| Death, Prince

Prince: the Private World and Shocking Death of a Musical Genius



Nelson had also requested the appointment of Bremer Bank.

"[I]mmediate action and decisions need to be made to continue the ongoing management and supervision of the Decedent's business interests," stated the petition.
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