Details of Whitney Houston's will have emerged when it was officially filed with the probate court in Atlanta, Georgia. As it was expected, her daughter Bobbi Kristina, will inherit her entire estate. However, it won't be all at once.
Surprisingly, the will states that the inheritance be held in a trust. And this trust is to distribute the assets at different periods of time over the next ten years, even though Bobbi Kristina is legally an adult. When a trust is created by a will it is known as a testamentary trust. And according to this testamentary trust, Bobbi is to receive 10% at the age of 21, another 1/6th at 25, and then the rest when she reaches the age of 30. Of course there are also provisions that allow the trustees to spend money for her education, health care, or purchasing a home.
While this testamentary trust created by the will can be a good thing, it is not ideal over having a living trust. With a living trust you can have all of the same provisions AND avoid probate while keeping the contents of the trust private. A testamentary trust does not provide these advantages.
Consult a professional estate litigation Attorney to create a private living trust and avoid a lengthy and expensive probate process.
*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.