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Potential probate problems for the Prince estate

Three heirs of Prince's multi-million-dollar estate were considering the removal of the bank that is administrating the deceased pop star's estate. The heirs have threatened to remove the bank of the financial institution unless it changes the way it involves the family members in the estate administration process.

Part of the issue relates to some disagreements over which bank should be charged with overseeing Prince's estate over the long term. The parties had formerly reached agreement on which financial institution shall serve as corporate administrator. As a result of that agreement, last week, Comercia took over the corporate administration duties of Bremer Trust. Bremer had been managing the deceased singer's estate on a temporary basis, ever since he passed away last year.

That said, the Prince heirs have already objected to the actions of the new bank. Those actions were to secure more discretionary authority that the bank would use in the daily management of the estate. The heirs are also saying that the bank is not fulfilling its promise to keep heirs in the loop on any of its estate-related decision-making processes. Finally, the heirs are questioning the previous claims made by the bank with regard to its ability to keep track of specific entertainment assets.

So far, three of Prince's heirs have submitted papers to the court to say that they're worried about the bank's activities. It is not known how the other heirs feel about the issue.

When a Tennessee family loses a loved one, it's possible that probate issues and concerns could arise. By consulting with a family law attorney, potential heirs can gain insight on the proper ways of successfully navigating their probate issues in court.

Source: Complete Music Update, "Prince heirs already concerned about new estate administrators," Chris Cooke, March 16, 2017

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