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August 2014 Archives

Celebrities' heirs suffer when estate planning is neglected

A recent article in Forbes discusses a television series on the Reelz channel called Celebrity Legacies. Shown nationally, including in Texas, the cable series delves into the details surrounding a deceased celebrity’s estate. Other than the sheer attraction that many people have to the lives and deaths of celebrities, the series also gives us a chance to see where we may have gone right or wrong in our own estate planning activities.

Sibling rivalry can emerge in the estate administration process

In Texas and elsewhere similar familial dramas tend to play out in a small percentage of estates. When an individual dies, the estate administration process is commenced and administered by the personal representative, who is usually a child or other close relative appointed in the will. The representative, or executor of the will, is charged with paying the bills, collecting the assets, making all government filings and tax returns, and ultimately distributing the assets according to the will.