As we mentioned in a previous post, Whitney Houston was having some trouble with estate planning before her death due to complicated family issues. And now after her passing, it may only get worse. Financial Planning Magazine discusses what could become a big problem. If Whitney has only a simple will, and leaves her potential fortune to her 18-year old daughter, she’ll receive it in full. That’s quite a lot for an 18-year-old to get at once.
This is a great example of why it’s imperative you make absolutely certain that your clients’ wishes are set to be fulfilled. Does anyone believe Whitney Houston wanted her daughter to receive everything at once? And do we think she would have wanted the courtroom battle that is likely to come? Make sure your clients are protected.
To gain a better insight into estate planning and share knowledgeable perspectives with your clients, enroll in our estate planning course, Advising the Affluent Client: Estate Planning. Check it out!