Music fans in Nevada who were saddened when Tom Petty died of a drug overdose in 2017 may be surprised to learn that his widow and two daughters are embroiled in a bitter legal dispute over his estate. Petty's daughters have accused his widow of gross mismanagement over her handling of the Thomas Early Petty Living Trust. His widow has called their behavior erratic and abusive.
Movie buffs in Nevada remember Carrie Fisher from her roles in Star Wars and other memorable movies. According to Fisher's executor, her estate is worth $6.8 million, and he asked that the estate become part of the Carrie Fisher Living Trust. Her executor is the trustee while her daughter is the beneficiary of the trust. The estate had a variety of items, including a car, collectible pieces and publicity rights.
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.