Amy Winehouse’s estate has been settled – finally!
After the controversial singer had been in and out of the news over the past few years for her drug and alcohol addictions, she passed away tragically at the age of 27. Last summer, the “Rehab” singer died as a result of alcohol poisoning. She had battled her addictions for many years and was thought to be winning the battle. Unfortunately, she succumbed and passed away. After a year, her estate has finally been settled. Probate records show that the singer left behind property worth £4,257,580 (approximately $6,700,000) at the time of her passing.
Unfortunately for her parents, Amy Winehouse’s estate suffered a loss – to the tune of $2 million! She had not previously done any estate planning, so the matter was left to the courts to decide how they wanted to distribute her property. Since she had no children, her estate was distributed to her parents, Mitch and Janis Winehouse. However, by the time the probate process was complete and the government and creditors took their share, the estate was reduced to £2,944,554 (approximately $4,660,000).
Every adult should do some estate planning no matter his or her age. Failure to plan means that the courts decide what happens with your property. Having Winehouse’s parents receive her estate may seem like a reasonable result, but she may have wanted to give something to her brother, her ex-husband (who she reportedly still loved-despite his drug use and prison sentence), or to charity. In addition, proper estate planning could have reduced the amount Winehouse lost to taxes or debts.
Amy Winehouse’s estate took an entire year to go through the probate process and her parents paid the price for her lack of planning. Be sure to have a trusted estate planning attorney draft a quality estate plan for you — or if you have one already, make sure you have it reviewed regularly.
If you need estate planning help in the Phoenix, Arizona or surrounding areas, please contact our office and we will be happy to help you. Our phone number is (888) 222-1328 and our caring staff will listen to your unique situation and get you scheduled for a consultation call with one of our attorneys.