The unexpected death of pop star, Whitney Houston, was a shock to many people. She was legend to those who have listened and loved her music for decades. During this sad time, it is a reminder that people should always be prepared for the unexpected. A source states that Whitney Houston, who died at age 48, had a will that left her only daughter, Bobbi Kristina Brown, as the main beneficiary who is alarmingly only 18 years old. According to an Investment News article, it is too early for anyone to know what kind of shape her estate was in when she died.
Any person should review and update their estate planning documents every three to five years to make sure everything is in place especially in events such as birth of a new child, divorce, remarriage, or new business or real estate. Many celebrities and high-net-worth clients postpone estate planning because it can be extremely complex and time consuming. According to the article, Sonny Bono, John Denver, Jimi Hendrix, and Bob Marley all died without completing a will.
There are circulating rumors that the six-time Grammy winner was broke. Whether true or false, her estate is still expected to gain an enormous boost in song sales since her death and the sale of her $1.75 million dollar mansion.
It is very important for individuals to have the proper documents to determine the manner in which they want their estate to be distributed. Not only does this give the person a “peace of mind”, but will save their loved ones many hours of frustration and grief.
If you have any questions about estate planning, please contact the Legacy Center of Louisiana at 225-744-0027 or visit our website at www.legacycenterla.com