It has been three years since Aretha Franklin died and her estate is still being disputed. Four wills were found, two from 2010, one from 2014, and one from 2018. Each will gave different instructions for the distribution of assets, but a decision is yet to be made over which will, if any, is valid.
Titles can often get tangled in the intrafamily transfer of homeownership. A tangled title most commonly occurs when the person whose name is on the deed passes away and a surviving relative continues living in the home without their name being on the deed. Until your name is on the deed, the home is not legally your property. A tangled title places you in legal limbo, creating many financial risks. Remedying a tangled title can be relatively straightforward if the homeowner of record was the sole property owner, they left a will, and the will specifies to whom ownership of the property passes upon the homeowner’s death.
Amy Winehouse died young, aged just 27. It was initially thought that her estate planning was in place with rumours that her will had been updated after her divorce from ex-husband Blake Fielder-Civil. Sadly it turned out that this was not the case.
If you have spent time creating, uploading, and sharing content, it is important to take a look now at what will happen after you pass away so you can determine your content’s future. Facebook, Instagram, Pinterest, Snapchat, Twitter and YouTube all have their own policies. By properly laying out your wishes in your estate plan, you can provide guidance to your loved ones and reassurance that your legacy will live on.
Debbie Reynold's death occurred just one day after her daughter, Carrie Fisher, had died. Carrie was named as a beneficiary in Reynolds will. So what would happen now to Fisher's share in Reynolds $85 Million estate?
Although some attorneys make it their standard practice to retain and store a client’s original will for safekeeping as a service, that trend is becoming increasingly rare. As more law offices make efforts to “go green” by storing only digital copies of legal documents, they are giving their clients the responsibility of keeping their original documents safe. So what happens when the bank, title company, or court requests your original legal documents, and no one can find them? Well, that depends on the type of document (will, financial power of attorney, trust, or medical power of attorney) and your state's laws.
Not every estate dispute is about money. When Mickey Rooney died, he disinherited all but one of his children, grandchildren, great-grandchildren, and his wife. There were no great sums of money to feud over, so why did his family fight at all?
Studies estimate that 70 percent of family wealth is lost by the end of the second generation and 90 percent by the end of the third generation. To help your loved ones avoid becoming part of this statistic, you need to educate and update your extended family about your wealth transfer goals and the plan you have put in place to achieve these goals.
Julian Lennon sued The John Lennon Estate for his share in his Father's $800 Million fortune. A lengthy and expensive 16-year legal battle ensued. Yoko Ono got full control over Lennon’s estate, his original song rights, and his image with no provision made for Julian in Lennon's will.
For some people, choosing trusted decision makers is easy; for others, it may be more difficult due to tense family circumstances, geography, or the lack of living family members. While most advisors and attorneys counsel clients to choose family members or close friends, this may not always be an option. But have no fear. You can consider hiring someone if you do not have a family member or close friend to appoint to one of these important positions. Some positions that might need filling include an executor, successor trustee, financial power of attorney, healthcare power of attorney, and a caretaker or guardian.
