Derryberry & Naifeh, LLP
Our Practice

No estate planning means long, expensive probate for Prince heirs

As the one year anniversary of Prince's death approaches, probate drags on. Because the superstar did no estate planning, the court is left to decide the best interests of the estate and its heirs without knowing Prince's intentions. While some progress has been made over the past year, fans in Oklahoma may be frustrated to see that new disputes arise among the heirs with each court decision.

Dozens of men and women sought a portion of the estate, but the courts managed to narrow it to six likely heirs. These include Prince's sister and five half-siblings. However, there has been little teamwork among the six, and they soon broke into two factions over the choice of personal representatives. Both representatives in question had affiliations with Prince in the past, but because of the discord among the siblings, the judge denied their request for a personal representative.

Recently, Comerica Bank and Trust was appointed to temporarily administer the estate, which the judge says is in a state of chaos. After a year, the appraisal of assets is not yet complete since Prince owned various properties, custom vehicles and gold bars. Additionally, the vault of unreleased music presents a special challenge to those who must calculate its potential value.

Financial advisors and estate planning advocates point to Prince as a cautionary tale. Although it may seem worth the year-long hassle to inherit a portion of a $300 million estate, it is likely that half of the inheritance will go to taxes. The frustration and cost could probably have been averted with some careful planning. To avoid leaving their own heirs with the confusion and contention Prince's heirs now face, many in Oklahoma contact an attorney to create a solid estate plan.

Source: Vanity Fair, "Prince's Estate Plagued with Disputes a Year After His Death", Kenzie Bryant, April 7, 2017

No Comments

Leave a comment
Comment Information

contact our firm

4800 North Lincoln Boulevard
Oklahoma City, OK 73105

Toll Free: 866-661-0893
Phone: 405-708-6784
Fax: 405-528-6462
Oklahoma City Law Office Map