Prince Heirs Object to Bank's Request for More Freedom in Managing Estate
Comerica, the personal representative that replaced special administrator Bremer Trust on Feb. 1 in overseeing the management of the Prince estate, is already at odds with some of the possible heirs.
In an objection to an order Comerica is seeking that would give it wide discretion in managing the estate, Sharron, Norrine and John Nelson -- three of the expected heirs -- said that if the bank doesn’t change its behavior toward involving the heirs in managing the estate, they are prepared to seek its removal.
In their objection, the heirs noted in vetting Comerica they asked if they would have a say in how the estate would be managed; Comerica representatives supposedly told them they would allow the heirs to have a say and would consider the heirs' vote with significant and serious weight but that Comerica would not make decisions based solely on that vote. According to their objection filed March 10 in the First Judicial Court's Probate division in Carver Country, Minn., the three heirs say not only is Comerica failing to give serious weight to their voices, but the bank has also failed to demonstrate its claimed expertise in the management of entertainment assets.
But in Judge Kevin Eide's Jan. 19 order initially appointing Comerica to take over from Bremer Trust, the court noted the potential for divisive elements to enter into the process if the heirs aren’t on the same page. So far, only three of the six heirs (the final designation of who will be heirs of the estate has yet to be made by the court) have objected to Comerica’s ask to be free of most of the limitations that the judge previously had applied to Bremer Trust.