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.
When a Nevada resident is appointed an executor of a family member's will, it may seem like the to-do list is endless. Most of the time attorneys and a team of advisors, including insurance experts and accountants, are involved. They are helpful in prioritizing tasks that need to be accomplished.
Nevada fans of late singer Tom Petty may be surprised to learn about news of ongoing family drama concerning his estate. Petty's widow is in a probate battle with the singer's daughter. It's a fight that could also affect the release of future albums from the "I Won't Back Down" singer's catalog. Petty's widow filed a petition in a Los Angeles probate court alleging that the late singer's daughter has attempted to take control of his estate.
One of the duties of an estate executor is to make a list of the estate's assets. In some cases, this is relatively easy because the estate owner created a list prior to death and left it in a place that was easy to find. However, this is often not the case, and the executor must go looking for the needed information.
Nevada residents should understand that the decisions they make about their estate plans will affect the taxes that may be owed on the estate. It is particularly important that they learn about the taxation their gross estate.
People in Nevada have likely heard of the death of actor Luke Perry. Perry died at age 52 after he suffered a massive stroke. He was placed on life support for one week, and his family made the decision to remove life support after he suffered a second stroke because it was clear that he would not recover.
The question as to who is an "interested party" to an estate may become important in a Nevada will contest. The person who is contesting the will may not realize how many interested parties there could be since a person does not necessarily have to be listed in the will be to considered one.
When Nevada residents pass away, their estate will need to be administered in order to gather, organize and pass on the assets that remain. In many cases, people die with an estate plan intact, and the primary objective of the administrator is to honor the distributions specified in it. In other cases, people may pass away without a will, in which case state law and the directions of the probate court will direct the disbursements. However, there are also tasks such as paying off debts and taxes that must be handled before distributions are made.
Nevada residents may believe that they need to avoid probate at all costs. However, this is not necessarily true depending on the size of a person's estate and their estate planning goals. Those who want to skip probate can do so by naming a beneficiary a joint owner of an asset. This can be done with a bank account and most other assets that a person has.
Some people might wonder what is involved in the probate process. A person must file a petition for probate. If there is a will, a Nevada court will decide whether it is valid. In some cases, family members might challenge the will. The court would then hear evidence to decide how to proceed.