Whitney Houston’s estate was worth about $20 million when she passed – that’s pretty abundant to meet the needs of her only daughter – Bobbi Kristina. Sadly, only a few years after Houston’s passing, Bobbi Kristina died.
Although Bobbi Kristina’s preceding boyfriend, Nick Gordon, continues to be a suspect in her murder, many say that having access to so much cash at a younger age become a contributing issue. Sadly, Houston’s errors are common in Estate Planning.
Aunt & Grandmother Say Will Did Not Depict Houston’s Intentions
Miss Houston’s aunt and grandmother filed a lawsuit to re-write the “Will” as they are saying it didn’t appropriately depict what Whitney absolutely desired for Bobbi-Kristina. They stated that she was too young to handle a lot of money.
Since they had good intentions, the probate courts have to comply with the terms of the Will or Trust documents, not what the deceased would have possibly otherwise intended.
Whitney Houston’s will was created in 1993, specifying that a trust would be created after she died for any children she may have (so before Bobbi-Kristina was even born). Unfortunately, she by no means made revisions to update her will before she died.
Inheriting Money at a Young Age is Never a Good Idea
Regardless whether Bobbi Kristina’s distributions had been behind schedule or not till she was older, is unsure. The bottom line is that inheriting huge sums of cash at a young age is commonly by no means a good concept. Although young beneficiaries can be capable of ownership and responsibility, they can be easily influenced by others and result in a bad situation.
It’s tragic that Houston could have protected that money with a stronger estate plan, there are others that are guilty of not taking action of following through. In fact, many of us plan and simply fail to take the time to create and revise proper estate planning.
Set Your Beneficiaries Up For Success!
You have the ability to set your young ones up for desired aims. That means planning to create a Trust that will permit them to access their inheritance through the years and be controlled by the trustee and that has their best intent at heart.
We can offer you the appropriate advice you need to protect your family. As Houston’s case, it is important to be aware of tragic situations arising from improper planning. Contact us today and let’s get started protecting you and those you love.
BROUGHT TO YOU BY:
MMZ LAW, A PROFESSIONAL CORPORATION
341 W. 1st St. Suite 100
Claremont, CA 91711
MARIVEL M. ZIALCITA is the founder of MMZ LAW, A Professional Corporation, where she practices in the areas of trust and estate, elder law, va benefits, special needs, conservatorship, trust administration and probate. Ms. Zialcita is a frequent speaker on trust and estate matters and holds memberships in the State Bar of California, Trust and Estate Section, The San Bernardino County Bar Association, Wealth Counsel and Elder Counsel. She currently assists in the pro bono legal services program at the James L. Brulte Senior Center in Rancho Cucamonga, California. She is based in Claremont, but assists clients throughout Southern California.
|This information is educational information only and not legal advice.|