A Forgotten Bottle of Wine Now Worth $100,000January 5, 2024
Cher Files for Conservatorship of Her Adult SonJanuary 20, 2024
It seemed like Prince’s estate was finally being settled and everything to do with the estate and the singer’s untimely passing in 2016 could finally be put to rest. However, that’s unfortunately not the case. Now there’s a new legal battle, with four of the heirs to Prince’s estate facing a lawsuit from past business associates. The men filing the suit are L. Londell McMillan and Charles Spicer.
They both contend that there is a prior agreement involving control of a company called Prince Legacy LLC, which is one of several holding companies created to help manage the singer’s $156 million estate. The argument from the plaintiffs is that the heirs to Prince’s estate are trying to exclude them from a prior agreement for management and control. They alleged that the exclusion is deliberate, and that it poses a threat to preserving Prince’s legacy for the future.
Prince’s half-sisters and niece, who are among the defendants in the case, are also accused of not having sufficient management and business experience. This could theoretically damage the revenue streams and goodwill of the company, and stain the reputation of Prince himself. With two plaintiffs, multiple defendants, and several different claims, this new lawsuit may take some time to sort out.
Legal issues surrounding Prince’s estate started almost immediately after Prince died in 2016. The biggest revelation after his death was that he died intestate, which means he didn’t have a Will. While it may seem surprising that a public figure with millions of dollars in assets wouldn’t have prepared for his own death, it’s more common than people might think.
Many professional and public figures die without a Will in place, or without one that’s valid. At this point it appears that the battle for control over Prince’s estate may continue for the foreseeable future, with new lawsuits appearing and the need to wait for the court to settle each one. A Will could have helped avoid these legal claims against his estate and the issues surrounding Prince’s ongoing legacy may prompt more people to make a Will of their own, to avoid these kinds of issues for their heirs.
Secure a financially sound future for you and your loved ones by partnering with us. At our firm, you can be sure that your satisfaction will always be our first priority. We will be your trusted advisor at every step of the process. Our services are available at competitive prices and do not involve any hidden costs. We are here to guide you through the difficult decisions that will protect your family after your passing. Contact us today to get started!