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The monetary cost of Prince's death

Prince performs live in Birmingham at the LG Arena in May 2014 on his "Hit and Run part II" tour. The music icon died on Thursday 21st April 2016 at his Paisley Park estate in Minnesota at the age of 57. Featuring: Prince, Prince Rogers Nelson Where: Birmingham, United Kingdom When: 21 Apr 2016 Credit: WENN.com

The first hearing regarding the fate of Prince's multi-million dollar estate was held Monday, as members of his family begin the process of discovering who will be the recipient of what the pop super-star left behind.

In the days following Prince's untimely passing, rumors regarding the artist's will, or lack thereof, began surfacing.

Prince, who Forbes reported is estimated to have earned over $270 million pretax in the last 14 years reportedly died without a living will.

"That the artist-who so meticulously pulled his music from streaming and online platforms-died without a will or any apparent estate planning is highly unexpected," Forbes reported.

Forbes quoted a lawyer who described the lack of planning as "surprising."

"In the absence of clear legal directives, his estate now goes to probate and falls under the jurisdiction of Minnesota," Forbes reported.

Under Minnesota probate code, there are six people eligible to inherit Prince's estate: his sister Tyka Nelson and half siblings Norrine Nelson, Omarr Baker, John R. Nelson, Alfred Jackson and Sharon L. Nelson.

However, Prince's family members are not the only ones set to benefit from his wealth. The government will get a fair share of the profits of his success as well.

People noted "Prince's fortune will come with a hefty estate tax."

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In Minnesota, People wrote the tax is applied "to anything over $1.6 million in Minnesota, and, at the federal level, to any estate over $5.4 million."

Forbes called taxes the "biggest liability," of Prince's estate.

Given the estimated, reported worth of $300 million, Forbes reported that Prince's estate "could be paying up to $150 million in taxes."

"Prince Died Without A Will, But There Will Be Taxes," wrote Forbes contributor Robert W. Wood.

"Prince's net worth is not yet clear, but is surely in the hundreds of millions of dollars. And that means the IRS will collect handsomely, perhaps 40%," Wood explained.

Wood noted that "unexpected celebrity deaths can make the rest of us think about what documents we need to have in place."

"The tax and financial hassle of probate or intestacy can be huge, even for normal sized estates," Wood cautioned.

RELATED | Prince's estate to be temporarily managed by trust company

"When you add the kind of zeros that go with a mega-successful entertainer, the failures can seem much more palpable," Wood wrote.

"Prince is the latest example, echoing the passing of Philip Seymour Hoffman, James Gandolfini, Amy Winehouse, Heath Ledger, and others."

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