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For Estate Planning, Estate Administration And Disputes

Prince’s estate still at center of probate litigation

On Behalf of | May 8, 2019 | Probate |

After a loved one’s passing, many surviving family members hope that the individual will be laid to rest and find some sort of peace. What this particular sentiment means can differ from person to person, but some New York residents may feel as if loved ones are still experiencing unrest if their final affairs have not been properly handled. A half-sister to the late musical artist Prince has expressed such sentiments as probate litigation over his estate continues.

According to reports, Sharon Nelson believes that her half-brother is not resting in peace because Comerica Bank and Trust is mismanaging his remaining estate. The bank is the administrator of the estate, and Nelson believes that the estate will go bankrupt by the end of the year due to the actions of the financial institution. One issue mentioned in the report is the fact that the bank is paying $90,000 a month to store unreleased music in a vault.

Additionally, Nelson states that none of the heirs to the estate have received their inheritances aside from $100,000 they each received after a 2016 tribute concert. She claims that she and other family members are facing difficult financial issues due to this lack of asset distribution. The report also noted that legal proceedings are continuing and that Nelson and others involved in the case have accrued over $3 million in legal fees.

As this case shows, probate litigation can go on for years, and surviving loved ones may feel as if there is no end to their fights. Still, it is often worthwhile to take the time to confront wrongdoing associated with a loved one’s estate. If New York residents believe that administrators or executors are mishandling their loved ones’ estates, they may wish to gain information on their legal options.