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Heirs have concerns over Prince estate administration

On Behalf of | Nov 13, 2017 | Probate & Estate Administration |

It is not unusual for surviving loved ones to have concerns regarding the estates of deceased parties. In some cases, Texas residents may feel that the information left in an estate plan does not reflect the true intentions of the decedent, or they may believe that parties in charge of estate administration are not doing their jobs properly. The latter situation is currently affecting the estate of late musician Prince.

Though the musical artist’s death occurred over a year ago, his estate has not yet settled. Now, three of his surviving heirs have petitioned to have the current estate administrator removed from the position. Comerica Bank and Trust currently holds the position, and apparently, the administrator has removed some of the assets from the estate and transferred them elsewhere.

The heirs believe that the transfer of these assets violated an administration agreement. However, the heirs also feel that the bank has been mishandling its responsibilities in a variety of ways. The bank issued a statement indicating that the suspension of their administrative powers could cause “substantial harm” to the estate due to deals already in negotiation.

Finding the right way to handle estate-related concerns can be difficult. If responsible parties are not carrying out their duties for estate administration correctly, it is understandable for loved ones to feel worried about the situation. If Texas residents believe that they are facing such problems with their loved ones’ estates, they may wish to gain more information on what steps may be necessary to address their concerns.

Source: NPR, “Prince Heirs Request Administrator’s Removal After It Trucks Away Vault Recordings“, Andrew Flanagan, Oct. 31, 2017