Court documents show that his only sibling Tyka Nelson has petitioned for a special administrator to oversee the ‘Purple Rain’ singer’s estate.
Prince was found dead in the lift of his Paisley Park studios last Thursday at the age of 57.
It is unknown exactly how much the star was worth, but his property alone is said to be valued at $27m (£18m).
His sister stated in the papers that immediate action was necessary to manage her brother's business interests.
She stated: "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."
Also listed in the documents are Prince's remaining half-siblings John, Norrine, Sharon, Alfred and Omar.
Prince's former manager, Owen Husney, previously stated that he didn't believe Tyke was capable of handling the sheer size of her brother's back catalogue.
He said: "I'm sure Tyka is a great person. I would be remiss to think she has the music business savvy to be able to handle a body of work that's got to be worth 250 to 500 million dollars (£222-444 million)."
Meanwhile, Prince is on course to dominate this week’s charts - on both sides of the Atlantic.
He is set to hold every spot in the top five UK album chart, with 16 of his long-players set to re-enter the countdown in total.
Over three million of his songs and albums have also been bought in the US since his death.