An investigative journalist, who authored a biography about Whitney Houston and her recently incapacitated daughter, Bobbi Kristina Brown, claimed that Bobbi received an inheritance of $20 million from her mother and it would be paid out in a series of installments. Reportedly, Bobbi Brown received one of those installments when she turned 21. She is currently 22 years of age and on life support.
Why may a living trust be needed?
A living trust, or a revocable living trust, is not all that different from a will. However, it does do some things that it is impossible for a will to do. Specifically, the trust can be utilized before you pass away, whereas a will does not kick in until your death.
Conservatorship taken from Zsa Zsa Gabor's husband
Zsa Zsa Gabor, who is now 98 years old, had been cared for in part through the temporary conservatorship that her husband had over her. Her husband is Frederic Prinz von Anhalt. However, this position was recently stripped away by a judge. The judge claimed the man no longer needed this power because the woman could use an advanced health care directive instead.
The difficulties of estate administration
On one hand, estate administration sounds simple, as the will just needs to be followed so that everything is split up according to the desires of the deceased. However, the reality is that this process can be very difficult, especially when the two sides do not agree on how things should be divided and a legal battle ensures. It is not as easy as just following the will.
Preparing for incapacitation with a power of attorney
As basic components of their estate plans, all California residents should have two primary types of powers of attorney on file: a financial power of attorney and a health care power of attorney. Even if you do not do anything else with regard to estate planning, completing your powers of attorney could save yourself and your family a great deal of difficulty later on down the road.
