New Verse in Prince’s Trust and Estate Litigation Woes
Feb. 9, 2017
Recently, the media reported that months after Prince’s sudden death, there are new lawsuits that have been filed. One new civil suit alleges that the advisors to the singer’s estate have mishandled certain aspects of their duties. Many New York fans of the entertainer may have heard about this latest round in the trust and estate litigation that have beleaguered the singer’s legacy.
Two family members recently filed a civil suit against the administrators of the estate and the bank associated with them. The heirs have claimed that the bank has not yet submitted a report on the full worth of the singer’s estate. There is also a dispute revolving around a concert that was put on in the singer’s memory. The suit alleges that two of the managers should have been fired due to their inability to handle the show correctly.
For its part, the bank has denied the siblings’ allegations. The estate representatives have not stated whether it has completed its accounting of the worth of the late singer’s property. They have denounced the portion of the civil suit that concerns the show as they claim that they were not involved as they have no expertise with concert production.
One of the estate managers has stated that many of the difficulties associated with the show had more to do with family disagreements than with the individual that the heirs have placed much of the blame on. Understandably, Prince’s death illustrates, when one dies unexpectedly, there is much pain and emotional suffering for those left behind. One thing that may make the pain worse is trust and estate litigation that may only impede the family’s ability to heal and move on. Residents in New York might lessen that possibility with clear and well-written estate plans. There are knowledgeable professionals available who can provide information and assistance in drafting these important documents.
Source: completemusicupdate.com, “Prince estate’s dispute with Tidal rumbles on“, Chris Cooke, Feb. 2, 2017