Today is September 27, 2018. I had a hearing on a petition captioned as:
PETITION FOR TERMINATION OF
PROCEEDINGS AND DISCHARGE OF
This was filed under California probate code section 12251. This essentially was a probate that turned out to not be required. It was originally filed a couple years back as the decedent may have been damaged by the pharmaceutical ACTOS and thus his family, or his estate, may have a right to a claim. I was hired in this, and many other similar cases, to begin the probate process as the ACTOS lawsuit required letters to be issued by the California probate court in each case.
In the end this decedent did not qualify for money requiring a probate and thus we are filing to close the probate as a zero asset estate. That is, th
What a week in America with John McCain and Aretha Franklin's funerals being must-see TV on seemingly every channel. Yesterday I was presented with yet another article about Aretha Franklin's lack of estate planning. Here's a link.
The question is what would her probate and estate look like had she died in California with no will or trust? What would be happening here? Let's hypothesize....
I have seen estimates for her estate to be valued between $50 and $100m. She has real estate in Michigan as the article says and I assume cash, stocks, bonds and a TON of future music royalties. These are assumptions on my part.
She has 4 adult children and
Sacramento Magazine was kind enough to interview me in their August 2018 issue. The issue includes the area's top lawyers, which I am listed, and interviews me for the article in the estate and probate area. Check it out here at Sacmag.com.
I can't get no respect, no respect I say.... Oh wait, I have my celebrities and their lines on respect wrong but we have yet ANOTHER celeb dying without a proper estate plan in place. Here's a good article on CNBC about Aretha's lack of planning.
With an $80m estimated net worth the costs of probate, if she had lived in California, would be somewhere OVER $100,000!
Failing to plan is a great way to end up in probate court after death and enrich a lawyer and enrich a court system. Avoid it by showing some self respect and get your estate plan in place!