Austin Attorney

What can Anna Nicole Smith teach us about estate planning?

Anna Nicole Smith, a former Playboy playmate who married an elder billionaire, died last month at the age of 39. Her death left behind a now famous struggle over the paternity of her daughter (Dannielynn Hope) and her potential inheritance of millions of dollars. Can you imagine such a nightmare? If the struggle over where she was buried is a preview of what the guardianship fight will be like, we’re in for a long, rough ride. Eventually, paternity tests will determine the child’s father who will most likely be awarded custody, but the baby’s inheritance will be supervised by the court system until it reaches age 18 unless Anna had a will. That means those millions will be substantially diluted over the next 18 years because court involvement will be necessary each time money has to be spent on the child. And then, when she turns 18, she will have control over all that money, whether she is financially capable or not. If you would like information about creating a will to specify guardianship for your children and a trust to manage their inheritance until they reach the age you specify, please call our office to schedule an appointment.
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