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Prince heirs file claim for millions against trust administrator

Who, exactly, is going to end up on the final list of Prince's heirs is still up in the air, but the courts have been systemically weeding out claimants and certain blood relatives are still standing. Two of those likely heirs have recently filed a lawsuit against the Bremer Trust, which is administrating the estate temporarily while probate matters are cleared up.

Princes sister and half-brother are claiming that experts appointed by the Bremer Trust mismanaged a tribute concert that was held in 2016. They are also saying that a guaranteed payment related to the concert that was supposed to go to the heirs was withheld. Many of the details of the tribute concert agreement were supposed to be confidential, and the estate received only a redacted version of the contract.

The tribute concert involved around 100 artists and lasted for five hours. It was held in a smaller venue than planned, and reports are that a number of artists dropped out of the venture before the concert.

Other filings related to Bremer Trust were for approval of legal fees. The institution billed for $1.6 million in legal fees for work done in the final quarter of 2016; while that might sound like a lot, the trust must manage a massive collection of creative assets and has been actively working on a variety of rights issues. The fees do have to be approved by the court, though.

While most people aren't going to deal with trusts with so many moving parts and creative assets, all trusts do come with a requirement for the trustee to act in the beneficiary's best actions. If you are a beneficiary and believe a trustee is not doing so, then you might be able to take legal action to have the trustee removed.

Source: Star Tribune, "Prince heirs say musician's tribute concert was mismanaged," David Chanen, Jan. 26, 2017

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