The parents of the Manic Street Preachers guitarist, who went missing in 1995 at the age of 27, have been granted a court order to deal with his affairs.
"The band has been aware this was coming. It is hugely emotional for all of us. This is the parents' choice and the band is happy to go with what the parents decide is best," band publicist Terri Hall told the Mail On Sunday.
"We all dream Richey will come back one day. You hope he is still around somewhere, but it is no longer a realistic hope and if this offers some kind of closure then the band will be content with that."
Despite Edwards's disappearance, the band has maintained a bank account in his name for his quarter-share of loyalty fees.