Estate planning is an important consideration for everyone, and ignoring or mishandling these important financial matters can lead to probate woes and family drama. On the other hand, having a solid estate plan in place can go a long way in minimizing legal headaches and family heartache. This is true even for celebrities and their families. This was made clear in a variety of celebrity news stories that made headlines in 2015. You may have seen the news relating to one of the following celebrity estates:
Tom Benson – The strategic businessman faced claims of incompetence after making legal arrangements to leave the controlling interests in his sports and business empire to his third wife – omitting his granddaughter from the sizeable fortune. However, after psychiatric evaluation, a judge deemed Benson capable and his wishes will stand.
Bobbi Kristina Brown – After the death of her mother, Whitney Houston, the trustees of Whitney’s large fortune went to court to try and delay a large sum of money set to be released to Bobby Kristina on her 21st birthday. They felt that Whitney’s intention was to gradually entrust her daughter with the massive fortune to protect her, and that the sum of money set to be transferred at 21 was too great. However, the trustees ultimately were forced to withdraw their court petition, since probate courts can only follow the terms of a will – not the perceived intentions of the trust’s creator. Tragically, Bobbi Kristina was found unresponsive less than one year after receiving the first installment of her huge fortune. Suspicions abounded that Bobbi’s boyfriend, Nick Gordon, was after her wealth and played a role in her untimely demise.
Robin Williams – Despite executing a clear and detailed estate plan, the estate of the late Robin Williams entered the legal battlefield when his widow, Susan, challenged provisions of the trust in court early this year. Examining the legal instruments put in place by the late actor reveals that he wanted to care for his wife and three children (from previous marriages), and ensure a peaceful transition. Sadly, litigation over inheritances can still occur, but having an existing estate plan can go a long way in ensuring that the original intentions of the deceased are honored.
By seeking the advice of an estate planning attorney, you minimize the chance of legal battles, family strife, and delays in estate administration. Make this a top priority for 2016. At France Law, we’re here to help you develop a plan that will give you and your loved ones peace of mind in the years to come.