Ric Ocasek, famed singer for The Cars, recently passed away leaving behind a will that purportedly removes his estranged wife, Paulina Porizkova, as a beneficiary of his estate. Ocasek and Porizkova were in the process of divorcing when Ocasek died; however, the divorce was not finalized, and the two were still legally married. Removing one’s spouse from an estate plan – often referred to as disinheriting a spouse – is common, particularly when spouses are separating and divorcing. States that have adopted the Uniform Probate Code, or similar statutes, create protection for a disinherited spouse in the form of the right of elective share. What is Elective Share? …
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Trustworthy Pets
Are you a cat person or a dog person? The truth is many of us love animals. In fact, approximately 68 percent of American households own at least one pet. In some of those households, care for a pet is part of the estate plan. Consider, for example, millionaire head of Chanel, Karl Lagerfeld, who is believed to have left a significant portion of his $195 million fortune to his cat, Choupette. Talk about the cat’s meow! Trust for the Care of an Animal North Carolina recognizes trusts created to care for an animal. Conversely, because North Carolina considers pets property, a pet cannot directly inherit money left to it…
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Six Ways to Challenge a Will’s Validity
Wills must meet several basic requirements to be valid and enforceable under state law. If any of the below factors are at work, then a will’s validity may be challenged. (1) Undue Influence Undue influence exists when a person uses coercion to influence the testator (the person creating a will) into executing a will that does not accurately reflect the testator’s true wishes. There are several red flags to keep in mind if you are suspicious a loved one’s will is the product of undue influence. Unusual dispositions of property, sickness and vulnerability of the testator to undue influence,…
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When Heirs Cry: Claiming Prince’s Paternity
The inheritance saga in the wake of Prince’s death continues. Since reportedly dying without a will, potential heirs are coming of the proverbial woodwork and claiming they are entitled to a piece of Prince’s fortune. According to Minnesota law, if there is no will, the deceased’s estate first goes to his spouse. If there is no living spouse, then the estate would go to the deceased’s children. If there are no living children, then the parents inherit the estate. Finally, if no living parents, the estate would pass to the deceased’s parents’ descendants (i.e., the siblings of the deceased). …
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What Happens if You Die Without a Will? Taking a Lesson from Prince
On Tuesday, Prince’s sister, Tyka Nelson, filed an emergency motion in Carver County District Court requesting that the Court appoint a special administrator to gather and protect Prince’s assets. She also claimed that, to the best of her knowledge, no will existed. The assets are estimated to be worth $100 – $500 million and are comprised of real estate holdings, including his Paisley Park Complex outside of Minneapolis; his music catalog, including licensing rights for television, film, and commercials; and album sales. It is estimated that in the week after his death, 2.8 million of his songs – and over 650,000 albums – were sold…
