This Wednesday Whitney Houston’s Will was filed in Atlanta. It’s surprising that even after battling with the probate courts for nine years over her father’s estate that she didn’t create a living trust for her assets. In fact, she never even updated her planning since she originally made the will – 19 years ago, months before her daughter, Bobbi Kristina, was even born. Because she never updated her will, it is a good thing she hadn’t designated to leave her assets to her then-husband Bobby Brown.
Unfortunately, because she only created a will, her estate will have to go through probate and face all the taxes and fees that could have been avoided with proper estate planning. Also, the details of her will and its designations are made available to the public since estates that go through probate are viewable by anyone.
Whitney’s will names her sister-in-law and manager, Patricia Houston, as the administrator of the estate. The funds will now be placed into a trust to protect them and distribute them to Bobbi Kristina. The money will be distributed in parts given to Bobbi Kristina at various points in her life – at 21, 25 and 30 years of age. The trustees will also be given discretion to give her money for various legitimate purposes including tuition, buying a home or starting a business.
You can learn from the mistakes of many of today’s celebrities that have failed to protect their assets. Whitney Houston’s will filed in court gives us information on who she has left her estate to and who should manage her affairs. Create an estate plan to protect your estate and your loved ones and to ensure your assets go to whom you want, when you want and with the least amount of difficulty and cost. Call Morris Hall at 888.222.1328 to schedule a free consultation to meet with one of our attorneys.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
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