Prince’s siblings are in a dispute with the bank handling the late singer’s estate and have filed a petition to limit the bank’s powers. They say that Comerica Bank & Trust has wasted millions of dollars, and they want more control over how Prince’s estate is handled. The two parties have butted heads since 2017 when a court appointed Comerica Bank & Trust to administer the estate.
According to the petition, the lawyers for Comerica have spent more than $45 million in expenses related to managing the estate and have paid themselves as much as $10 million in legal fees. Prince’s family also takes issue with the amount of unpaid estate taxes. That amount is now at $31 million and continues to grow due to interest.
Comerica has asked the court to deny the family’s petition and not limit the bank’s power to administer the estate because that would only delay the satisfaction of taxes and the ability to close the estate. According to the bank, there is no evidence to back up the claims being made by family members. Furthermore, Comerica says they have tried to work with the heirs and have assisted them with several estate matters.
The act of wrapping up a person’s estate when that person dies is known as probate. In Nevada, the probate process can be relatively simple or extremely complex depending on the size of the estate. If the decedent had no will or had a poorly drafted will, the probate process can be time-consuming and emotionally draining. Because of that, heirs may benefit by hiring a law firm with experience in estate planning and administration. Such a firm may work to provide timely advice and guide the heirs through the probate process.