With the recent passing of soul singer Whitney Houston, many legal specialists have talked about the estate that she left behind. As many Texas residents would expect, a recent article reports that the vocal artist left her entire estate to her daughter, Bobbi Kristina Brown. However, there is one minor problem. Sources say that Houston had a provision in her will that will make it difficult for Brown to receive her inheritance.
The will clause, which has been validated by court, indicates that Brown will inherit Houston’s items at the age of 30. Currently, Brown is 19 years old. That means that she must wait more than a decade before she can actually have control over her inheritance.
So, what will happen to all of the money and assets? The provision states that Brown’s inheritance should be placed in a trust until she is eligible to receive the share. Fortunately, Brown will get 10 percent of her mother’s money and assets at her 21st birthday. Furthermore, she will get an additional one-sixth of the value in the trust at the age of 25.
While this may be disappointing to Houston’s daughter, in reality, the will provision will prevent Brown from blowing through her inheritance too quickly.
If you are in the process of estate planning and you have younger children, you may want to consider creating a provision in your will that is similar to Houston’s. Obviously, no one expects to pass away early in life. Nevertheless, death is often unexpected. For this reason, it is imperative to prepare for your children. While they may deserve your estate, it’s risky to put money or assets in the hands of a young child.
Source: Gather, “Bobbi Kristina Brown Left Everything by Whitney Houston… with a Catch!?” William Mantic, April 9, 2012