Here's Who Inherited Tom Petty's Money After His Death

According to the law firm Holstrom Block & Parke, Petty named his wife the sole trustee of his estate. That included publishing rights to his voluminous music catalog. Per the will, his daughters were to have input as to how to best manage all of that going forward. The issue, then, was that Petty did not specify how three parties involved in managing his legacy should make decisions going forward.

As these things often do when a lot of money is on the line, there were disputes about how things were being handled and the women took the situation to the courts. According to Rolling Stone, the daughters sued their step-mom for $5 million, claiming she was not allowing their will-stipulated "equal participation," which they interpreted as allowing them each a controlling vote alongside Dana York Petty in determining the decisions of the estate.

"This misguided and meritless lawsuit sadly demonstrates exactly why Tom Petty designated his wife to be the sole trustee with authority to manage his estate," Dana York Petty's attorney, Adam Streisand, told Variety.