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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‘I Say a Little Prayer’ that Aretha Franklin’s children have ‘Respect’ and Are Not a ‘Chain of Fools’
American singer and songwriter Aretha Franklin passed away on August 16 at the age of 76 after battling advanced pancreatic cancer. In the days following her passing, her four sons filed documents with the Michigan Probate Court stating that Aretha passed without a will or trust, and claimed to be interested parties in her estate. Aretha’s niece, Sabrina Garrett Owens is the personal representative to administer the estate. When a person dies with a will, the probate court uses that and other documents (such as a trust), to guide them in determining the proper distribution of the deceased’s assets. However, when a person dies without a will, or “intestate,” their…
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Florida Detectives attempt to unlock a cell phone with a dead man’s finger
In today’s technology driven world it seems our phones are attached to our hips whether we like it or not. We are driven by the accessibility and connection that these tiny machines provide us. But what right do you have regarding your phone after your death? In March, Florida police pulled over Linus Phillips for illegally tinted windows. Upon speaking with Mr. Phillips, Officer Steiner detected the smell of marijuana. However, before Officer Steiner was able to perform a search of the vehicle, Mr. Phillips began driving in reverse. Officer Steiner was dragged by the vehicle before he fired his weapon in self-defense and killed Mr. Phillips. Detectives wanted to…
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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…
