You must update your Estate Plan, including your Trust and Will, constantly. The reasons you need to update your Estate Plan – Revocable Living Trust, Will, Health Care Powers, etc. – is that three things are always changing: the law, your relationships, and your assets. 1. The law is regularly changing by changes in the... [Read More]
Tag: will
A Will Cannot Plan for Mental Disability
A Will is only effective when you die, not before. It only moves assets that are titled in your name through the Probate Court. If there is real estate in different counties and different states, you may have multiple Probates to move those pieces of land. The Will cannot plan for Mental Disability care. We... [Read More]
Why Whitney Houston Shouldn’t Have Used a Will
Unfortunately, Whitney Houston used a Will based Estate Plan. Her “Last Will and Testament,” or Will, was admitted into Probate Court in Atlanta, Georgia. As guessed, Whitney’s 19 year old daughter is her sole beneficiary of the Will with payouts to her at ages 21, 25, and 30. Meanwhile, the Trustee would make payments on... [Read More]
Whitney Houston and Estate Planning – Part 3
As discussed before, right after we hear of the death of a celebrity, we ask, “How?”. Not long after, we ask, “How much money did they leave and to whom?”. Again, Whitney had traveled a troubled road of drug addiction and tough relationships. While alive, she had been separately sued at different times by her... [Read More]
Whitney Houston – Estate Planning Part 2
As we discussed last time, when a well known celebrity dies, after asking “How?”, we ask, “How much did they leave and to whom?” Rumors are that Whitney Houston left a multimillion dollar estate to her only child, an 18 year old daughter. This is an estate that should continue to grow with the sale... [Read More]