Celebrity Estates: Was Whitney Houston Prepared?

Those who survive her may have their doubts. She never expected to leave life’s stage prematurely at 48.  As a parent it was her responsibility to have an estate plan. Regardless of your wealth you face the same questions as Whitney Houston.  Test your own preparedness by answering these 3 questions.

Q: After marriage or divorce did you update your estate planning documents?

Whitney could have decided to leave Bobby Brown a share of her estate. She could have forgotten to change her will. Were her beneficiary designations, for example on life insurance, up-to-date?

Q: Have you created a trust for your children to receive their inheritance?

Did Whitney set up a trust to manage her estate investments?  If not, then all her money would go directly to her daughter at 18.

Whitney’s daughter Bobbi Kristina may have access to the entire estate. With a trust, Whitney could have staggered payments to her daughter at different ages.

Q: Did you choose the right executors and trustees for your estate?

The right executors can help your family deal with their grief.  In Whitney’s case they could also help manage her wealth. They can relieve her daughter of financial pressures and the risk of poor decisions.

Will Whitney’s loved ones say she made the right decisions?

It’s too early to tell but you can learn this lesson from celebrity estates. It’s never too early to update your own estate plan.