When you read about celebrity estate planning cases you can sometimes take away some instructive lessons. With this in mind, we would like to take a look at the limited but interesting information that has been made available about the Robin Gibb estate.
Gibb was a singer with the popular group the Bee Gees. The group sold millions of records over a number of decades, and as a result Robin Gibb passed away with a considerable amount of wealth.
As you might expect, the singer had rather diverse holdings including some very valuable real property.
Before the heirs to an estate receive their inheritances, the estate must be probated. During this process, final debts must be paid, and the assets left behind by the deceased must be prepared for distribution to the heirs.
Estate planning attorneys will always advise their clients about the potential time lag that exists when you do not take steps to avoid probate when you are making preparations for the future.
According to the article in the Daily Mail, the Robin Gibb estate may ultimately be hung up in probate for perhaps five years.
While this is a rather extreme case, you can see how probate can stand in the way of your loved ones receiving their inheritances. If you would like to explore probate avoidance strategies that would be relevant given your personal situation, don’t hesitate to pick up the phone to set up a consultation with a licensed, experienced San Jose area trust attorney.
- Generational Wealth is Key to Leveling the Playing Field - November 24, 2020
- Fair Isn’t Always Equal and Vice Versa - November 19, 2020
- Staying Current is Especially Important in the Pandemic - October 28, 2020