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Bay Area Estate And Tax Planning Law Firm
Estate Planning
Trust Administration and probate

Artist Prince’s estate progressively marked by acrimony

| Nov 7, 2017 | Uncategorized |

Mega musical artist Prince died of an accidental drug overdose in April of last year.

Many people might reasonably think that most of the material matters relating to his estate might by now have been fully clarified and even settled, nearly 19 months following his passing.

Reportedly, that is far from true.

In fact, several of Prince’s heirs — determined under probate law in Minnesota, given that the entertainer apparently never wrote a will — recently filed a petition with a judge asking for removal of the estate’s administrator.

That entity is Comerica Bank Trust, appointed by that judge 10 months ago.

The heirs (three half-siblings who have banded together; two other half-siblings and a full sister of Prince designated as co-heirs did not join the petition) heavily criticize what they allege is the bank’s mismanagement, inexperience and misrepresentation in handling estate affairs.

Comerica officials have reportedly told the heirs that it could take as long as 14 years to close the estate. The heirs counter that the estate has already been irreparably harmed through bank incompetence and that Comerica needs to be ousted as administrator now.

The judge ruled late last month that Comerica will continue in its role while he considers the petition. Summarily removing the bank from its duties, he noted, could undermine several lucrative entertainment-related outcomes for the estate that are currently being negotiated.

Although Prince’s estate has been valued as high as $300 million before taxes, its worth could actually far surpass that. The artist created a huge catalogue of musical work that has not yet been made available to most of the public.

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