24 Aug The Importance of Having a Will
We have previously mentioned how important it was to make a Will and to keep it up to date. In earlier blogs we have mentioned celebrities such as Aretha Franklin and Hugh Hefner being involved in litigation as to their estates. In particular, Aretha Franklin is reported to have died without making a Will or preparing a trust in relation to her large estate, reportedly in excess of $100 million. Some of the other celebrities who are also stated to have not prepared a Will before their death are Prince (57 years old at time of death), Amy Winehouse (27 years old at time of death), Bob Marley (36 years old at time of death), Jimi Hendrix (27 years old at time of death), Sonny Bono (62 years old at time of death), Kurt Cobain (27 years old at time of death). In all those cases, litigation ensued and some are still continuing to date, many years after the celebrity's death. It will have been noted that there is current litigation in the Supreme Court of South Australia as to the Estate of SA businessman Liu Hongtao. It is alleged that the estate is worth approximately $30 million. The parties involved...
