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. 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.” 

In 2019 a settlement agreement was reached. According to the Los Angeles Times, the women released a joint statement that said, “We are pleased to announce the formation of Tom Petty Legacy LLC to manage all aspects of Tom’s legacy. We are committed to honoring Tom’s voice, music, integrity, and his charitable spirit.”

The statement also said that Petty’s wife and daughters had gotten over any bad blood, adding, “they have resolved their differences and dismissed all litigation matters that had been filed related to Tom’s estate. Each of them sincerely regrets that in their intense grief over Tom’s tragic death, actions were taken that were hurtful to one another.”