The lives of celebrities are on display for public consumption – for better or worse. Because of this glimpse that we get into the affairs of high profile individuals, we can sometimes learn something about estate planning through the successes and failures of these public figures.
A well-known celebrity passed away recently and her passing underscores the reason why it is important for people of all ages to have an estate plan in place.
Whitney Houston, the angel-voiced singer who set a music industry record with seven consecutive number one hits, died in Beverly Hills on February 11 at the age of 48. She will certainly be missed and, at the present time, specifics with regard to how she planned her estate have not been made available.
What is known is that the resources that she left behind were considerable. And, the value of her estate is expected to rise dramatically because the public tends to develop a renewed interest in performers after they pass away. As a result, sales of her many works are expected to be brisk in the coming months.
Houston’s daughter, Bobbi, is expected to be the primary heir to her estate, but exactly how the resources will be transferred is not known at the present time.
The truth is that you never know when the inevitable will take place and there are no guarantees. If you are currently without an estate plan, even if you consider yourself to be a younger adult, you may want to take action right now to arrange for a consultation with a licensed, experienced, and savvy Oklahoma City estate planning lawyer.
Author, President and Founding Attorney
Parman & Easterday
Parman & Easterday are members of the American Academy of Estate Planning Attorneys.