Status Quo guitarist Rick Parfitt died with an estate in the UK worth just a few hundred thousand pounds.
The 68-year-old rocker’s estate is valued at a little over half a million pounds, but after debts and costs amounts to £230,753, according to his will.
Estates of artists (yes, I know, but, he was an artist) are a bit more complicated. His performance royalties (ie, recording) will continue to come in for some time. Songwriting for another 70 years. I don’t think “Whatever You Want” is going to survive quite in the same manner that, say, Nessun Dorma has but I’d still expect it to get another couple of decades play on the radio. And such royalties do add up. One play on a BBC station would gross Parfitt’s estate perhaps £30 (Andy Brown getting another such and that number’s a bit of a guess from memory) before whatever deal there is with the music publisher.
He didn’t write that many songs, true, but just that one alone would, I would think at least, provide a useful income. Wouldn’t surprise me in the least if there’s a thousand plays a year on UK radio, all paying needle time to the writers.
We have a number of tax specialists around here. How are such future earnings from an estate valued for probate purposes?