Whitney Houston Estate Challenges

Whitney Houston’s premature death serves as a concrete reminder to us all about the importance of estate planning. One wonders what kind of financial legacy she left behind? Even before her death there were reports of financial difficulty, and we can only hope her affairs were in order making it easier for her only child 18-year old Bobbi Kristina Brown to mourn her without having to worry about funding for her education and security. Certainly with the renewed interest in the super star since her untimely demise, she should not be short of funds. With complicated relationships and significant changes in their circumstances, celebrities can leave much confusion in their wake and estate planning is essential. James Browns, death in 2006, left an estate in debt and relatives fighting over his money. Property had to be auctioned to settle some of the debt. Jimi Hendrix and Bob Marley both died intestate. Estate planning can eliminate much of the feeding frenzy that often occurs in our society when a loved one dies. It provides order and certainty for your family, and allows you, rather than the State, to decide who gets what. Judge Eugene Hyman says a trust is important to ensure that Bobbi Kristina doesn’t inherit a huge lump sum until she is capable of managing it. Source http://www.bellanaija.com