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Whitney Houston Will

March 11, 2012 by · Comments Off on Whitney Houston Will 

Whitney Houston Will, Whitney Houston’s will has been discussed a lot this week. How will the late singer’s assets be doled out to her daughter Bobbi Kristina? And just how do trusts work anyway?

A judge in Atlanta validated Whitney Houston’s “Last Will and Testament,” a 19-page document that leaves everything to her daughter, the gossip website TMZ reports.

Whitney Houston’s money will go into a trust for Bobbi Kristina, 19, who won’t see any of it until she turns 21, according to Inside Edition.

So how exactly does a trust like this work?

A trust created by a will — called a testamentary trust — is one way to direct the division of property, usually money, after a person’s death. To create a testamentary trust, a person’s will must name at least one beneficiary who will receive payments from the trust, and a trustee who will manage the trust.

The will maker can set up her testamentary trust according to her own wishes. Whitney Houston’s will, for example, calls for Bobbi Kristina to receive her first trust payout when she turns 21, another payout when she turns 25, and the remainder of the trust’s assets when she turns 30, Inside Edition reports.

Trusts can be set up in other ways as well:

A charitable trust names a charity, or the public in general, as beneficiary.
A special needs trust can provide for the long-term care of a disabled person.
A spendthrift trust gives a trustee full authority to spend or invest a trust’s assets, but the trustee’s actions must be for the benefit of the beneficiaries.
All the while, the trustee must live up to her duty to faithfully oversee the trust. If a trustee fails to do so — for example, if she pockets the money for herself, or makes reckless investments in a spendthrift trust — she can be held personally liable to the beneficiary for any damages.

Whitney Houston Will

March 8, 2012 by · Comments Off on Whitney Houston Will 

Whitney Houston Will, Whitney Houston has left the bulk of her estate to 19-year-old daughter Bobbi Kristina Brown. The 48-year-old star passed away on February 11 after being found unresponsive in a bathtub at the Beverly Hilton hotel in Los Angeles.

But now details from The Bodyguard star’s will has been revealed after it was filed in a court yesterday in Atlanta, Georgia where Whitney lived for many years.

The legal document states that all of the singer’s assets, jewellery, clothing, real estate and cars will go to her only child, Inside Edition reports.

The money will be put in a trust until the teen turns 21. Bobbi Kristina will get a share of the fund when she reaches that milestone, more money when she turns 25 and the balance of the estate when she turns 30.

Whitney assigned her mother Cissy Houston to be executor of the will and made brother Michael and her sister-in-law Donna Houston the trustees.

But in an interesting twist, the will also states that if Bobbi Kristina had died before her mother then her estate would have been split equally between her family members and ex-husband Bobby Brown.

The couple divorced in 2007 after 14 years of marriage. They were seen having dinner together with their daughter just days before Whitney died.

But the will was reportedly signed on February 3 1993 which is a month before Whitney gave birth to Bobbi Kristina. It was later amended on April 14 2000.

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