Wills, Trusts, Business, Real Estate, and Probate Blog
What's new in estate planning, business, and real estate law.
Leona Helmsley’s shows what happens when basic decisions are left to the Trustees or Personal Representatives. The Humane Society of the United States, The American Society for the Prevention of Cruelty to Animals and Maddies Fund have has filed suit in New York’s Surrogate Court to overthrow a decision from February 2009 which gave the trustees sole say over what charities receive the Helmsley money. Obviously, they want more. Remember, Ms. Helmsley died in 2007, leaving nothing to a couple of her grandkids, 12 million dollars for the care of her own dog, and leaving 5+ billion dollars to homeless dogs without specifying what charities would get the money? Well guess what? The charities are now fighting over the money. The
Our major media has been placing so much focus on the "will" of Michael Jackson. This reminds me how many people, including our media, do not really understand the role of a will in a complete estate plan. I have read his will and it has a minor role. Fox News made headlines indicating that the will excludes his ex-wife (Link to Fox News Article) while CNN explores the fact that Paul McCartney was not awarded rights to The Beatles music (Link to CNN article). As a matter of fact I would have been surprised to have either of these issues addressed in his will - and it doesn't. It is his trust that will control the ultimate transfer of Michael Jackson’s wealth. It is the terms of his trust that will determine if his ex-wife is