In 2003, Kobe Bryant created a trust for the benefit of his wife, Vanessa, and their children. Last amended in 2017, the trust does not provide for their nine-month-old daughter, Capri. If Kobe were still alive, the trust could have been amended with relative ease by his signing an amendment drafted by his estate planning lawyer. However, since his tragic passing, the trust became irrevocable (i.e., Kobe is no longer alive to revoke or amend the trust) and any modifications to that instrument will require court approval. As such, on March 17, 2020, Vanessa filed a Petition to Modify Trust in Los Angeles Superior Court. So what is required to…
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UPDATE: ARETHA FRANKLIN’S ESTATE
At the time of her death last year, it was believed that Aretha Franklin died intestate, or without a will. In the absence of a will, state intestacy laws determine how estate assets will be distributed. However, three handwritten wills were recently discovered in the famed singer’s home. If one or more of these documents is found to be a valid, enforceable will, the terms of the document(s) will determine the distribution of Franklin’s estate. Two of the handwritten wills were dated from 2010 and discovered in a locked cabinet in the home. The third, and most recent, was discovered in a notebook under a seat cushion. It was…
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Aunt Bee Trust Fund
Many remember the fictional town of Mayberry, the setting for The Andy Griffith Show. Less commonly known, however, is that Mayberry is modeled after Mt. Airy, a small North Carolina town near the Virginia boarder. Frances Bavier, the actress who portrayed Aunt Bee Taylor in the hit television show, recently passed away, and spent the last years of her life in Siler City, another small North Carolina town. Perhaps owing to a soft spot she felt for police officers due to her time on The Andy Griffith Show, Ms. Bavier established a trust with $100,000 in principal to ensure that every member of the Siler City police would enjoy a…
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Testamentary Capacity and Undue Influence
In 2015 and 2016, media magnate Sumner Redstone amended his trust, which was challenged by former companion Manuela Herzer. A California court recently ruled that Mr. Redstone possessed the required mental capacity to amend his estate plan. In North Carolina, whether an individual is a billionaire business mogul or anyone else, the requirements for testamentary capacity, or the required mental capacity to create a will or a trust, is the same. Testamentary Capacity To have testamentary capacity a person must be “of sound mind, and 18 years of age or over[.]” In practice, this means that the person creating the will, otherwise known as the testator, must be able to…
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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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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…
