Judge Kevin Eide appointed Prince's longtime bank Bremer Trust, National Association, as the "special administrator" to oversee his estate.
According to the judge, all of Prince's heirs - Tyka and half-siblings Norrine and Sharon Nelson, Omarr Baker and Alfred Jackson - except for his half-brother John Nelson, agreed to the bank's appointment.
"None of us has a crystal ball. We don't know what claims will be made, but we will address those as they come."
Prince is reported to have left behind a £200million fortune and his sister Tyka filed papers last week to say he did not have a will.
During the hearing lawyers for Bremer Trust said that while no will has yet been found, they would continue to search for one.
Prince was found dead in an elevator at his Paisley Park estate late last month.
According to ABC News , Bremer Trust drilled open the vault at his Paisley Park mansion in order for them to take an inventory of its contents as they safeguard all his assets.
It has been claimed the vault contains some of Prince's unreleased music.
Speaking about his unreleased tunes, Prince previously said: “One day someone will release them. I don’t know if I will get to release them.
"There’s just so many and I like writing new stuff and we do new stuff all the time.”
