David Bowie left a major mark on the music industry but he also left behind approximately $100 million to his family members, according to the BBC.
While his will outlines that each of his children will receive 25% of the estate, his youngest child is not legally allowed to inherit money yet.
Since his daughter, Alexandria, is only 15 years old, she is unable to inherit the funds until she reaches the age of maturity. Unless he outlined other provisions like a trust, the estate is responsible for appointing a financial guardian to manage the money until Alexandria is old enough to claim it.
Trusts are some of the most popular estate planning tools today because they are flexible and are not matters of public record. This means that while we don’t know the details about how Bowie may have provided for his daughter, any individual can take advantage of the privacy shield afforded by a trust.
Trusts are the method used most frequently for estates valued in the millions but any individual can take advantage of the benefits associated with the trust. Language inside the trust can be inserted to ensure that assets are distributed according to the wishes of the parent. Primarily, this is used to direct the trustee to assist with certain needs like normal living expenses and education while the child is still a minor.
Some parents are not interested in passing on all assets out of a trust once their child reaches the age of maturity. In fact, it is not unusual for a parent to have a trustee taking care of trust assets until the child gets to an older age. Use of a trust can be significantly beneficial, but you may need the guidance of a Massachusetts estate planning attorney to help you get started today.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.