James Brown, the Godfather of Soul, died two and a half years ago, on Christmas Day 2006. But his estate wasn't settled until this week, when his surviving widow and six children agreed on how to divide up his remaining assets and, more importantly, income from future sales of his records and uses of his likeness.
Brown did some reasonable, prudent planning for his heirs' future. For instance, he had set up a trust to help pay for his grandchildren's education.
But there was one big mistake he made: After marrying for the final time in 2001, Brown neglected to update his will and other documents to reflect that. The courts don't look too kindly on widows being left with nothing in their husband's will. It took two and a half years to unwind that little bit of unfairness.
Brown's case is a useful reminder that your life situation is changing all the time, and so must your estate planning. If you have any concerns at all that your will or estate doesn't reflect your current situation, please give me a call so we can review it.
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