Singer’s estate fights for rights almost 30 years after his death
Much of estate planning is concerned with wrapping up one’s affairs. Florida residents who execute their wills or create other estate planning documents are thinking about passing their assets on to the next generation. However, sometimes these assets are things that will continue to gather value for many years to come. Sometimes estate administration isn’t about just settling debts and giving out bequests.
Recently, the estate of entertainer Rick Nelson reached a settlement in a lawsuit with Capitol Records. The singer’s heirs claimed in a 2011 lawsuit that Capitol had not been paying all the royalties that were owed to the estate from hits such as “Garden Party” and “Poor Little Fool.”
The singer, who first rose to fame as a cast member on the 1950s television program “Ozzie and Harriet,” signed a recording contract with the predecessor to Capitol in 1957. He had a long run of hits from that time until the early 1970s. He died in a 1985 plane crash at the age of 45.
Whether it’s a copyright, a piece or real estate or another type of property interest, many assets can continue to accumulate wealth long after an owner’s death. Estate plans can transfer the ownership of these assets to an heir, but some types of assets are easier to transfer than others, and some require more maintenance than others.
Trusts and other estate planning instruments can help secure these assets and make sure they help provide for loved ones for years after the original owner is gone. A qualified Florida estate planning attorney can help people to craft a plan that will help preserve their legacy.
Source: Beverly Hills Courier, “Ricky Nelson Heirs Reach Settlement with Capitol Records,” April 8, 2014