The star's longtime bank, Bremer Trust, National Association, was formally appointed as the administrator overseeing the proceedings on the music icon's estate, USA Today reported.
Meanwhile, according to District Court Judge Kevin Eide, a will has yet to be found for the 57-year-old, despite an "ongoing search."
"None of us has a crystal ball," Eide said of the future of the case, pending on any findings of a will. "None of us know what claims will be made."
Siblings Tyka Nelson (Prince's only full sister), Norrine and Sharon Nelson (both half sisters), were spotted leaving the courthouse following the hearing, but made no comments to the press.
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As RadarOnline.com previously reported, the "Purple Rain" singer, born Prince Rogers Nelson, was discovered unresponsive in an elevator at 9:43 a.m. on April 21, inside his infamous Paisley Park Studios in Chanhassen, Minnesota.
While the full toxicology report is still pending, reports have circulated that the Prince may have died from drugs — or even AIDS.