Cozen O’Connor: Tom Petty's Estate Is In Chaos—And That's With A Will

Tom Petty's Estate Is In Chaos—And That's With A Will

Wednesday, June 5, 2019

Amanda DiChello discusses ongoing disputes with rock star Tom Petty’s estate in an article in Financial Advisor. Tom Petty directed that his widow and his daughters from an earlier marriage have “equal participation” over Petty’s music legacy and ongoing business interests upon his death. The daughters claim that they are not receiving enough control over the estate, as there appears to be a question of what “equal participation” means, and are suing his widow for damages and attorney fees. Amanda explains that disputes such as the one involving Tom Petty’s will arise because the term “in equal part” can be interpreted differently by parties.

“In this context, (Tom) Petty did his pre-planning, but it is surprising how many people, including celebrities, die without an estate plan or with an ambiguously worded plan,” Amanda said. “This is a recipe for disaster. The cases of Prince and Aretha Franklin are perfect examples.”

To read the full article, click here.