Tom Petty’s Estate: What Can You Learn From This Rocker and Musician Who is Now Dead at 66?

Rocker, Musician, Singer/Songwriter Tom Petty is dead at the age of 66 in California. Is there something that probate lawyers or people who are planning their estates can learn from his unfortunate death?

Remember, Tom Petty lived in California but was born and raised in Gainesville Florida. If you have pieces of real property in multiple states or parcels of real estate in many states, you should hold them in some type of LLC, partnership or trust. Why? When you pass away, generally speaking, you need to have a probate proceeding or ancillary probate in every state where the properties are located. You can avoid this easily by talking to your probate lawyer now.

 Also, Petty had images, songs, copyrights. Who is going to inherit that intellectual property? Who is going to inherit Petty’s cash and marketable securities? Who is going to inherit all of his wealth?  Many people meet with an estate planning lawyer to create a pour-over will that leaves everything to the trustee of their revocable trust. A revocable trust is also sometimes called a living trust. We do not yet know the details of Petty’s estate plans, but consider meeting with an estate attorney who can properly draft a  revocable trust for you. Revocable trusts are private documents. Therefore, in most instances, you can keep your wealth hidden from public view.