Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Friday, April 26, 2019

Prince's Sister Sharon Nelson Accuses Comerica Bank of Mismanaging Estate: 'He Is Not Resting in Peace'

PrinceOn of the six heirs of the late Prince, Sharon Nelson, claims that three years after the death of her half-brother almost nothing has been settled with his estate. She also states that the estate has had no many legal fees with the fighting between the heirs and Comerica Bank & Trust, the administrator of the artist's estate after he passed away intestate, that it is nearly bankrupt.

Nelson, who says she lives off her Social Security and pension, adds that the legal costs connected to the estate battle have become so enormous that her only option is to prepare her own motions and filings and to represent herself in court. She said that the other heirs were to dependent on Prince while he was alive, but that she worked her entire life and knew how to provide for herself. Each heir received a contractual $100,000 after a tribute concert, but have yet to have any other distribution or payment from his estate. But Comerica Bank & Trust continues to be paid $125,000 per month for the administration fees and other costs that Nelson and the other siblings believe are reckless.

The more than 2,711 court filings -- motions, affidavits, memos, depositions, schedules -- in Prince’s probate case are evidence of the complexity of administering an intestate estate. The Internal Revenue Service has also stated that no heir can receive a distribution from the musician's estate until an estimated $31 million tax bill is paid. 

A hearing on several matters has been set for May 20.

See Claudia Rosenbaum, Prince's Sister Sharon Nelson Accuses Comerica Bank of Mismanaging Estate: 'He Is Not Resting in Peace', Billboard, April 24, 2019.


Current Events, Estate Administration, Estate Planning - Generally, Income Tax, Intestate Succession, New Cases | Permalink


Post a comment