Daughters of B.B. King allege his assets were mismanaged by his long-time business manager LaVerne Toney

Riley B. King (known by his stage name B.B. King) passed away on May 14, 2015.

Riley B. King (known by his stage name B.B. King) passed away on May 14, 2015.

The legendary American Blues guitarist, singer and songwriter Riley B. King (also known as B.B. King) passed away on May 14, 2015. He was born on September 16, 1925 and was almost 90 years old at the time of his death. B.B. King was one of the greatest guitarist and musicians of all time and my personal hero. I had the privilege of meeting him three times. He revolutionized the Blues genre and influenced many modern music artists. Almost immediately after his passing, issues related to his estate and the management of his assets prior to his death started to surface.

Some of his daughters have filed documents in probate Court in Las Vegas making various allegations against B.B. King’s long-time business manager LaVerne Toney. It is alleged that Ms. Toney looted B.B. King’s bank accounts, misappropriated funds, and endangered B.B. King’s health in the days leading up to his death. There are also allegations that B.B. King may have had a second “missing” will. It is important to note that none of these allegations have been proven in Court.

The initial Court date is set for June 22, 2015. The matter will be before a Judge in Clark County who heads the probate Courts in Las Vegas. The will in question will have to pass probate. The matter will become significantly more complicated if B.B. King had multiple wills. Furthermore, it is alleged that Ms. Toney was named as the person to continue handling B.B. King’s affairs. The daughters will also likely oppose Ms. Toney’s continued involvement with the future estate administration. While this estate litigation dispute is in its initial stages, the daughters may feel that that removing Ms. Toney as the executor of his estate may be an appropriate step to take.

Estate disputes are not unusual when wealthy musicians pass away. There have been many instances where family members have not been directly involved in the financial affairs of the deceased. Financial managers and sometimes asset management companies may be in charge of overseeing and managing the assets of an individual. This is especially true in cases where the deceased is a world-famous individual with significant wealth. It is important to have an updated estate plan and to ensure that estate administration issues are addressed in the later stages of an individual’s life. It will be interesting to see what will happen to the estate of B.B. King.

For more updates on the B.B. King estate click here.