Sheila E. 'Has Concern for the Protection of Prince's Music,' Is Working with Family to Preserve His Legacy

04/28/2016 AT 04:00 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.

With no will in place to dictate the future of Prince's estimated $250 million estate, the singer's ex-girlfriend and bandmate Sheila E. hopes to step in with a guiding hand.

Sheila E. 'Has Concern for the Protection of Prince's Music,' Is Working with Family to Preserve His Legacy| Death, People Scoop, Prince

Sheila E. and Prince in 2007

Mark J. Terrill / AP Photo





"Sheila is concerned that [Prince's death] will result in exploitation for profit by people who may have been seeking personal financial gain from him while living and may now see the opportunity to do so in his untimely death," her rep tells PEOPLE.

Known for her hit record "The Glamorous Life", the singer and percussionist, 58, spoke to PEOPLE shortly after news broke April 21 that her former love and longtime collaborator had died.

"He was my friend. I'll remember him as my friend – someone that I loved very dearly," she said.

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

Sheila E. 'Has Concern for the Protection of Prince's Music,' Is Working with Family to Preserve His Legacy| Death, People Scoop, Prince

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



Now, she is looking to preserve Prince's legacy.

"Sheila has concern for the protection of Prince's music – both released and unreleased – and has promoted that the family or Paisley Park representatives have the final decision in regards to the usage of his name and likeness," says her rep. "She feels strongly that tributes, concerts, or promotions should be authorized, and net revenues generated be distributed in Prince's name to charities and causes which Prince has supported in the past."

On Wednesday, a 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 is also charged with locating his heirs, which include his sister Tyka Nelson and five half-siblings.

Behind the Cover: That Amazing Life that was Prince


Sheila E. 'Has Concern for the Protection of Prince's Music,' Is Working with Family to Preserve His Legacy| Death, People Scoop, Prince

Sheila E. (left) and Prince in 2005

Jesse Grant / WireImage



"Sheila's only interest in the estate of Prince is to provide support for his family, provide support to Paisley Park representatives and provide support to court appointed officials in the handling of the estate," says the rep, who also rebukes any claim that his client is attempting to benefit financially from the death of Prince.

"She has received no compensation nor will she accept compensation," the rep continues. "She's actually refused many offers of profit for so-called tribute performances in his name."

Reporting by JEFF NELSON
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