121: What Happens When a Trustee, Executor or Beneficiary Dies?
Release Date: 01/29/2024
Absolute Trust Talk
Most professionals know they need insurance, but many don't realize their general liability coverage has significant gaps when it comes to professional services. In this episode of Absolute Trust Talk, host Kirsten Howe continues her conversation with Dean Myers, owner of Core Insurance Agency, to explore errors and omissions insurance—specialized coverage designed specifically for professional liability risks. Discover which professions beyond doctors and lawyers should consider E&O coverage, including architects, engineers, accountants, and contractors who incorporate design elements...
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In this episode of Absolute Trust Talk, California estate planning attorney Kirsten Howe examines the explosive trust dispute erupting over Jimmy Buffett's $275 million estate. When the legendary Margaritaville songwriter passed away, he left his fortune in an irrevocable trust with his widow Jane Buffett and co-trustee Richard Mozenter managing the assets together. Now they're locked in competing estate litigation across Florida and California, each seeking to remove the other as trustee through costly court battles. This high-profile celebrity estate case illustrates why...
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Many business owners purchase insurance without truly understanding what they're buying or what critical coverage they might be missing. Host Kirsten Howe addresses this knowledge gap by welcoming Dean Myers, owner of Core Insurance Agency, to reveal the fundamental insurance coverage every business owner needs before opening their doors. Dean, who specializes in errors and omissions insurance for lawyers, accountants, doctors, and professional trustees, breaks down the three critical pillars of business insurance: workers' compensation, general liability, and property insurance. ...
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In this episode of Absolute Trust Talk, host Kirsten Howe examines the estate complications following One Direction member Liam Payne's tragic death in Argentina in fall 2024. At just 30 years old, Payne left behind a $32 million estate—but no will. His complex assets include performance income, solo artist earnings, brand deals, music publishing rights, and venture investments. Without estate planning, his 8-year-old son Bear becomes the sole intestate heir, inheriting the full amount at age 18. Kirsten analyzes the cascading problems: massive probate fees (at least $376,000 in...
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In this final installment of Absolute Trust Talk's international estate planning series, host Kirsten Howe concludes her conversation with estate planning specialist Janet Brewer, addressing one of the most common cross-border scenarios: U.S. citizens who own property abroad. Janet, with over 30 years of experience serving Silicon Valley's international clientele, explains why simply leaving foreign property to your US trust won't work, since most countries don't recognize trusts at all. This episode highlights the crucial distinction between countries that recognize trusts...
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In this second installment of Absolute Trust Talk's international estate planning series, host Kirsten Howe welcomes back estate planning specialist Janet Brewer to explore advanced strategies for families with cross-border connections. Building on their previous discussion of guardianship challenges, this episode focuses on critical tax considerations and financial hurdles faced by international families. Janet, a certified specialist with over 30 years of experience serving Silicon Valley clients, explains the unique tax opportunities available to visa holders with stock options and RSUs,...
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In this episode of Absolute Trust Talk, host Kirsten Howe welcomes estate planning specialist Janet Brewer to explore the unique challenges faced by immigrants and international families when planning for their future. Janet, with over 30 years of experience serving clients throughout Silicon Valley, brings her vast knowledge to address the specific concerns of non-resident aliens, visa holders, green card holders, and other international families with U.S.-based assets. As a member of the invitation-only Society of Trust and Estate Practitioners (STEP), Janet regularly prepares estate plans...
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In this episode of Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert continue their discussion on estate planning during divorce proceedings with practical solutions. Following their previous episode on the potential problems that can arise if someone becomes incapacitated or dies during divorce, they now focus on preventative measures. The attorneys explain how to ensure your soon-to-be ex-spouse doesn't maintain control over your healthcare decisions or inherit your assets contrary to your wishes. They discuss the creation of new healthcare directives, powers of...
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In this episode of Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert discuss critical estate planning considerations during divorce proceedings. They explore what happens if someone becomes incapacitated or dies while their divorce is still pending, revealing potentially unwelcome consequences if proper planning isn't in place. The discussion highlights how existing estate plans typically name a spouse as the primary decision-maker and beneficiary—a designation most divorcing individuals would want to change immediately. Without written estate plans, the...
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In this episode of Absolute Trust Talk, host Kirsten Howe examines the estate complications following Richard Simmons' death in July 2023. She details the ongoing legal dispute between Simmons' brother Leonard (named trustee) and Teresa, his housekeeper of 30 years who briefly served as co-trustee before a contested resignation. The conflict centers around approximately $1 million in personal property—primarily jewelry—that Teresa allegedly took when evicted from Simmons' home. While Teresa claims Simmons gifted her the jewelry in 2014, Leonard argues documentation proves otherwise....
info_outlineIf you’ve been following along with our show, you know that we can’t stress enough the importance of estate planning and setting up a trust to make things simple, cost-effective, and less time-consuming for your heirs. But even with the most comprehensive and well-thought-out estate plan, wrinkles can be thrown into the plan. It’s a lot of information for all parties involved to consume, and there are many moving parts.
One curveball we’ve seen a few times before is a beneficiary, trustee, or executor dying before the will or trust is enacted. Everyone tuning in to this podcast has probably given at least some thought as to who their assets and possessions will go to when they’re gone. But what if that person also passes? Who gets the money then? Being as transparent as possible in your estate planning documents is critical. If you haven’t revisited them in a while to answer these types of questions, take this episode popping up in front of you as your sign! And, if you don’t have a plan, there’s no time like the present to get started.
“The takeaway is to be as clear as possible in your estate planning documents. Make sure you have a few people listed as successor trustees or executors if that’s something you haven’t thought of before. I recommend having someone listed who will name a fiduciary later.”
In this episode of Absolute Trust Talk, Kirsten and Madison are diving into details, discussing what needs to be done to get a case back on track and, most importantly, what you can do now to help ensure your trust administration is a smooth process should this happen to your family or loved ones. Together, we will discuss:
- How the results and process are different depending on whether it’s a beneficiary, trustee, or executor who dies,
- Specific details that may alter how the situation is handled, such as whether the deceased beneficiary was single or married,
- How to prevent complications such as repeat probate processes,
- Why your estate plan isn’t something you just set and forget, and why it should be as detailed as possible,
- And much more.
If you have difficulty understanding the ins and outs of the estate planning world, and more specifically, trust administration, you’re not the only one. And you don’t have to go at it alone either! So sit back and listen as we cover common and uncommon scenarios regarding a beneficiary, trustee, or executor passing away. You don’t want to miss out!