Will. Trust. Asset Protection.
Just because you’re famous and have money does not mean you make smart decisions. That is especially the case, when it comes to the protection of your business affairs. Making sure your will, trust, and other estate documents are in order should be uppermost on your to-do list.
Whitney Houston. Will.
In 1993, Whitney Houston had her will drafted. That was the last time she looked at it. At the time, her intent was to ensure the protection and long term financial security of her daughter, Bobbi Kristina. She never amended her will, even though her situation changed dramatically over the subsequent 20 years. Perhaps drugs got in the way of her thinking, perhaps she couldn’t make the time, or perhaps Bobby Brown distracted her. Whatever the reason, she did not tend to the business of her multimillion dollar estate. Among other things, Whitney Houston left the bulk of her vast estate to Bobbi Kristina—a minor.
Now, Whitney Houston’s mother, Cissy Houston, has filed a petition with probate court to modify the terms of Whitney’s will. This move is to protect Bobbi Kristina from vultures and other scammers waiting to collect a big payday from a naive and vulnerable 19-year old. By changing the terms of the will, Cissy believes Whitney’s true intent will be realized.
Takeaways. Significant Life Events.
What’s the takeaway here? DON’T make the same mistake that Whitney and countless others have made—PROTECT YOUR ESTATE NOW! Contact your attorney whenever a major event takes place in your life or 5 years have lapsed, whichever comes first. Here are a few of the significant life events that could trigger your need to change your estate documents, will, trust, power of attorney, living will, assignment of assets:
- Get married
- Get divorced
- Legal separation
- Purchase a new home or any big ticket asset
- Go into business with someone
- Have a child or adopt a child
- Relocate to a new state/country
- You desire to change your beneficiary
- Come into a large sum of money
- and, the list goes on
I’m Attorney Francine Ward and I say, PROTECT YOUR ASSETS before it is too late. If you need a lawyer to review existing documents or prepare estate documents, feel free to contact through my website, my Legal Facebook Fan Page, my Legal Twitter Page, or through LinkedIn.