Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

Tom Petty's heirs file lawsuits over estate

Some Florida fans of the late musician Tom Petty may have heard that his family is in a dispute over his estate. In Petty's will, he created an LLC, Petty Unlimited. He also set up a trust and made his widow the directing trustee. She was supposed to fund the LLC with assets from the trust. She and Petty's two daughters were then supposed to each get one-third of the assets.

On May 15, a lawsuit was filed on behalf of Petty Unlimited. The lawsuit does not specifically name Petty's daughters individually as plaintiffs. However, it alleges that his widow is attempting to keep the assets out of Petty Unlimited and has set up her own LLC, Tom Petty Legacy. The suit named several defendants plus dozens of co-defendants it says are working with her. The attorney for Petty Unlimited claims that Petty's intentions were for each of his daughters and his wife to have an equal share in his estate. He says that Petty's wife is preventing this.

In April, Petty's wife filed a petition accusing Petty's daughters of interfering with her role as directing trustee. One of Petty's daughters also filed a lawsuit alleging Petty's widow was trying to prevent their involvement in in managing his estate.

As this case demonstrates, estate planning can be particularly complicated when valuable assets are involved. The process of estate administration may feel overwhelming for family members even when this level of conflict and wealth is not involved. A person who has been an appointed as executor is permitted to work with an attorney to take care of taxes and other paperwork involved in managing the estate. This can help prevent costly errors and may make the process more efficient. An attorney may also be able to assist with family disputes.

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
Read More...
  • NYSBA
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Miami, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions