When Whitney Houston died last month at the age of 49, she left behind a last Will and testament that dictated that her entire estate would be inherited by her only daughter, Bobbi Kristina Brown, age 19. While the details of Ms. Houston's Will are quite common and do not appear to contain any strange or potentially problem causing terms, we can look at her Will as an example of what you can do when creating your own. Here are three issues you may wish to consider when creating your own last … [Read more...] about Whitney’s Will – 3 Instructional Issues You Can Use When Creating Your Own Will
Probate
Top Philanthropist of 2011 Died in 2006
Every year the Chronicle of Philanthropy releases its list of the most generous donors. In 2011, the single largest donor was someone who has not been alive since 2006. Margaret Cargill, heiress to one of the nation's largest private companies, gave two different charitable organizations $6 billion to split between them. If you have never heard of Ms. Cargill before, it's quite understandable. Though Cargill has been the nation's largest privately held company for 11 of the past 13 years, it … [Read more...] about Top Philanthropist of 2011 Died in 2006
Whitney Houston Tops the Charts After Her Death
With a musical legacy that leaves behind films, hit songs, and over 200 million album sales, the Whitney Houston estate stands to earn a substantial income now that the singer has died prematurely at the age of 48. Within 24 hours of her death, her best-selling song “I Will Always Love You” once again became a bestseller, reaching the top spot on iTunes list of best-selling singles. It should be no surprise that an artist's death can spur an increase in sales by fans. When Michael Jackson died … [Read more...] about Whitney Houston Tops the Charts After Her Death
Nebraska Leads Nation In Considering Digital Estate Planning Legislation
If there is one group of people that is most likely to need estate planning services and yet least likely to have a significant presence on the internet, it is seniors. It is perhaps because of this fact that the issue of digital estate planning has not received a lot of attention by either legislators or estate planning lawyers. However, it appears that lawmakers in Nebraska stand ready to reverse this trend and adopt the first kind of legislation that directly addresses digital estate planning … [Read more...] about Nebraska Leads Nation In Considering Digital Estate Planning Legislation
Copper Mining Heiress’s Family Alleges Fraud
The Huguette Clark estate is once again back in the news, with word that her distant relatives are now alleging fraud on the part of her nurse, accountant and attorney. If you are unfamiliar with the case, let us bring you up to speed. Ms. Clark died in 2011 at the age of 104, leaving behind an estimated worth of about $400 million. She had been the sole surviving descendent of former United States Senator William Clark, a mining tycoon after whom Clark County Nevada is named. Ms. Clark's … [Read more...] about Copper Mining Heiress’s Family Alleges Fraud
3 Questions About New York Probate: The Executor
Question 1: What role does the executor play in the probate process? A person who writes a Will—called a testator—usually names an executor in the document. Once the testator dies, the executor is responsible for probating the will, meaning he or she must take it before a New York Surrogate's Court so the court can determine if the Will is valid. The executor is responsible for taking the Will to the Surrogate's Court in the New York county where the testator lived at the time of death. Once … [Read more...] about 3 Questions About New York Probate: The Executor
3 Estate Planning Myths That Can Hurt You
Myth 1: Only rich people need, or can afford, an estate plan. This myth comes from the idea that only people with lavish homes, lots of money in the bank, and long lists of personal property can afford to hire an attorney to design an estate plan. People with fewer possessions don't need to worry because there isn't much to distribute anyway, right? Wrong. Everyone can benefit from a good estate plan. Even if you only want to make sure your medical choices are followed, or that you want your … [Read more...] about 3 Estate Planning Myths That Can Hurt You
Executors Removed From Heiress’s Estate
The co-executors of Huguette Clark's $400 million estate have recently been removed by the New York Surrogate's Court after allegations arose claiming the two men had committed tax fraud in their handling of the estate. Manhattan Surrogate's Court Surrogate Kristen Booth Glen removed the two men and left the managing of the estate to attorneys working for the Office of The Public Administrator of New York County, whom she had previously appointed as a third estate administrator. The … [Read more...] about Executors Removed From Heiress’s Estate
What Happens to My Assets Without a Will?
Many people neglect to create a will during their lifetime. They just assume that their affairs will always be taken care of as they wish. The truth is, you have no control without a will in place; and, you will likely find that your true wishes aren’t respected. Take a look at the information below, to better understand what happens to your assets if you don’t have a will. If you have any questions, or if you’d like to create a will, contact an estate planning attorney. If you … [Read more...] about What Happens to My Assets Without a Will?
Transferring Property Without Probate
Many estate planning tools are set up to allow property to avoid probate. Why? Probate Court can not only tie up property for months, even years, but it can rack up fees and costs as well. Property that avoids probate is called non-probate property, and it generally falls into three different categories: Transfers by Title: Assets transferred by title include property owned in joint tenancy with the right of survivorship, such as a house that is jointly owned by a married couple. It is … [Read more...] about Transferring Property Without Probate
