Wednesday, September 5, 2012

Celebrity's outdated will sealed in probate court in unusual move ...

Once filed in court in Texas or anywhere else in the country, wills are public documents that can generally be read by the press or the merely curious. In fact, many celebrity wills are available online and can be used to learn valuable estate planning lessons. However, the family members of a 1960s pop star recently asked a probate judge to seal his will and related documents, in a somewhat unusual move.

Texas fans of the band the Monkees may have heard about the death of the group's English singer Davy Jones. The 66-year-old died of a heart attack earlier this year, leaving behind a will that he had last updated in 2004, years before his 2009 marriage.

The decedent's widow, 33, is younger than two of the singer's four daughters. The will does not list his widow as a beneficiary, though he was married to her for two-and-a-half years before he passed away. Since the will was updated so long ago, it may not be possible to determine whether she was left out on purpose or if the singer simply never got around to updating his will.

Probate laws differ from state to state. In some states, a spouse left out of a will can file a request in probate court to be treated as a pretermitted spouse, in which case he or she may automatically receive half the estate, unless doing so is forbidden by a prenuptial agreement or the will itself.

However, a spouse cannot file for this in Texas, but he or she may approach an attorney to determine whether it is possible to make a claim to the estate. This may however result in family disputes and extended litigation, spending money and energy that could have been avoided if a properly worded and updated will was prepared.

Updating a will after major life changes is very important. Texas residents should change their wills after marriage, divorce or receiving financial inheritance. Doing so ensures assets are distributed according to the decedent's wishes. Additionally, utilizing a living trust will keep personal estate plans off of the public record and often help to avoid probate altogether.

Source: Forbes.com, "Monkey business surrounding Davy Jones Estate," Danielle and Andy Mayoras, Aug. 20, 2012

Source: http://www.elderlawhousing.com/blog/2012/09/celebritys-outdated-will-sealed-in-probate-court-in-unusual-move.shtml

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