Tom Petty Estate Fight, Part I: Blended Family Issues

When musician Tom Petty passed away in 2017, he left behind a blended family. What is a blended family? Quite simply, a blended family is one consisting of a couple and their children from their previous and (possibly current) relationships. While many people make this arrangement work very well in life, things can get extremely contentious among the survivors when one parent passes away. This is especially true when there is a family business or other significant assets left behind to be administered on an ongoing basis.

In the case of the late Mr. Petty, there are creative properties, copyrights, trademarks and unreleased recorded music to be administered. These assets, if deployed in an optimal way, can create a lot of value for the survivors via a trust agreement. Obviously, it takes a person or a team with both creative and business acumen to maximize the value of these assets. Considering that the copyrights Mr. Petty has/had will continue in force until the year 2087 (remember the duration of copyright lasts seventy (70) years from the death of the copyright holder), the administrator of the estate and/or trust should be someone well versed with Mr. Petty’s catalogue and fan base.

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