Wills, Trusts & Estates Prof Blog

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

Thursday, April 2, 2020

Prince’s Family Claims That They Have Not Received Any Payments From His Estate; They Are Now Asking a Judge To Intervene

PrinceThree of the six siblings of the late singer Prince are claiming that they have not received anything from the estate, though they are his legal heirs. Despite this, lawyers and advisers of the estate have been paid. Sharon, Norrine, and John Nelson, three of the singer's siblings, have filed a petition for compensation in Prince’s estate.

The estate is run by Comerica Bank and the two parties have not agreed on many terms in the past. The siblings have accused Comerica of mismanaging money and leaving them out of the loop concerning major decisions regarding the estate. Comerica has denied these allegations. The three siblings say they want to continue helping out the estate but cannot continue without being compensated. The three siblings claim they have had to heavily depend on “solely on their pension, social security, personal savings and loans from friends to cover the costs needed to support the Prince Estate despite the millions paid to advisors, attorneys and others approved by the Court.”

A judge has yet to rule on the case.

See Gibson Precious, Prince’s Family Claims That They Have Not Received Any Payments From His Estate; They Are Now Asking a Judge To Intervene, Baller Alert, March 28, 2020.

Special thanks to Laura Galvan (Attorney, San Antonio, Texas) for bringing this article to my attention.

https://lawprofessors.typepad.com/trusts_estates_prof/2020/04/princes-family-claims-that-they-have-not-received-any-payments-from-his-estate-they-are-now-asking-a-judge-to-intervene.html

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

Comments

This is pretty typical. Prince died 4 years ago. There is virtually no way that the estate tax audit has been resolved, so the PR could not safely make distributions. Beneficiaries almost always feel this way with taxable estates. This may be one of the important rarely-stressed reasons for having an irrevocable life insurance trust -- to get cash to the beneficiaries while the estate is still under administration.

Posted by: Howard M Zaritsky | Apr 9, 2020 8:07:19 AM

Post a comment