Death can have consequences in addition to grief and emotional anguish for New York families. Squabbling over the estate of a deceased relative has left many families in shambles.
Estate planning is a crucial way of preventing this from happening. The news of Whitney Houston’s death in 2012 was greeted with a lot of sorrow. However, wrangles over the well-known singer’s estate still persist between her relatives. Her heiress, Bobbi Kristina Brown, recently turned 21. According to Houston’s will, Brown is supposed to start receiving her inheritance once she turns 21-years-old. By various estimates, she is likely to become a millionaire as a result.
Some of Houston’s family members are raising concerns about the young heiress’s maturity. These relatives are so nervous about Brown’s ability to handle the money that they moved to court to delay the payout.
They claimed that the star actually intended her daughter to receive her inheritance much later than stated in the will. Regardless, the court allowed the will to stand. This is despite the fact that it was drafted about 20 years before Houston’s death.
Your will helps make sure your property passes to the right people. You must take great care when formulating it. It is a mistake to assume only older people need wills. Life unfortunately brings lots of uncertainty with it. It is always best to be prepared for the unexpected. An up-to-date will is one of the best ways of doing this.
Legal requirements must be strictly adhered to when drafting a will. Your will can be challenged in court if it does not abide by the relevant laws. Understandably, planning for the distribution of your estate is a deeply personal process. Getting in touch with an estate planning lawyer in New York may help you articulate your last wishes effectively.
Source: Forbes, "Whitney Houston's Family Is Fighting - Is Estate Money To Blame?,” Danielle Mayoras and Andie Mayoras, March 31, 2014