Owning a lot of assets presents unique estate planning challenges, a lesson that has left many potential heirs of celebrity estates with more questions than answers in recent years.
James Brown, like many other celebrities who have become the subject of recent study, did not complete his estate planning prior to passing away. It was estimated that his estate was worth more than $100 million, but a vague will created many different problems. After a very expensive 15 year legal battle, the surviving heirs sold the value of the estate for $90 million to a company called Primary Wave Music. Multiple people, including five of James Brown’s children, have been fighting in probate court to get control of the estate over the 15 year period. Before any money can be paid out of the estate, all lawsuits must be settled and decided between former and current executors of the estate.
From Whitney Houston to Prince and Michael Jackson and Luther Van Ross, many celebrities with substantial net worth have failed to incorporate even the most basic of estate planning strategies that would have made things easier for their heirs.
Even if you have a smaller estate, you can help prevent delays in the transition of your assets to your heirs and reduce the possibility of estate planning conflict. The best way to do this is to work directly with an estate planning lawyer for the drafting of your own documents.
If you want to avoid problematic situations, schedule a consultation with an experienced and knowledgeable estate planning attorney in VA to discuss your next steps.