Texans who have significant assets or properties that could be the foundation for dispute after they have died will seek to prepare for the future by addressing these probate issues beforehand. Unfortunately, even the most well-crafted estate plan can have complications when it is time for estate administration. Legal issues and disputes among heirs are common, especially when it is a famous person and blended families. While not everyone will be in the position of a prominent performer, there are lessons that can be learned to prepare for the future and avoid mistakes they might have made. If there is a need for litigation, it is even more vital to have legal help.
The late singer Tom Petty’s catalog is the subject of a dispute between his daughters and his widow. Mr. Petty died in October 2017. He had named his wife – who is not the mother of his daughters – as his trustee. With that, she is required to create an entity so his catalog would be under her control. However, his daughters are also expected to have a say in the handling of the trust. The daughters are granted “equal participation.”
According to them, they would be granted control of the catalog because they will have a two-thirds vote. His widow disagrees and wants a professional to handle the catalog with input from the three women. Mrs. Petty filed a petition saying that Mr. Petty’s daughter was trying to get control of the estate. A probate petition was filed by the daughter to get control of the catalog. There have been two music compilations released since his death. Others are planned, but are being delayed by the dispute.
Unexpectedly losing a loved one is difficult enough without probate issues spiraling out of control with factions waging battles. When creating an estate plan and preparing for the future with properties that are of significant value, the testator is often under the impression that all the bases have been covered. In truth, there are underlying disagreements that can be problematic. For the testator creating the estate plan and loved ones who are dealing with probate issues, having legal assistance with estate administration is a sound way to try to come to a reasonable resolution or move forward with a legal filing if necessary.