David Bowie made an estate plan and now his wishes are being carried out. He made specific gifts of his SoHo apartment and his mountain home so there is no doubt about who inherits his real property. Real property (i.e., the house you live in) is usually the item that causes the most disputes because it is often the item with the most value and is not suited to be divided or shared among beneficiaries. He also left gifts to two important people in his life, his personal assistant and former nanny. Since these two were not family, they would have received nothing if he had not created a will. Finally, he created a trust for his daughter. Now her inheritance can be managed by a trustee for her benefit until such time as David deemed she would be able to manage the assets herself. It is common for parents to delay or divide control of an inheritance so that a child will not spend through the whole thing early. For example, I often see a parent leaving an inheritance to a child in thirds: 1/3 when they turn 21; 1/3 when they turn 25; and 1/3 when they turn 30.
This is the importance of estate planning: giving what you have to whom you want, when you want, and the way you want. This applies to estates of all sizes, not just people with David Bowie money. I’m here to help you with your estate planning. Get your will or trust drafted or updated today!