Reuters spoke with Russell Fishkind, an estate attorney and partner in the East Coast law firm of Saul Ewing, about what we can learn from litigation that surrounds high profile estates. One of the most common scenarios leading to litigation that Fishkind sees among celebrity estates is multiple marriages, with children from more than one of the marriages. If the estate plan does not provide adequately for a second spouse or for children from any of the marriages, there is likely to be litigation. Fraud also accounts for some of the litigation. Fishkind notes that litigation over estates is rising. His suggestions for avoiding such litigation include: if you have a prenuptial agreement, make sure that you give a spouse what was bargained for in the agreement; if there is a likelihood of disagreement among parties, appoint a fiduciary or trustee; and if you have a family business, clearly document your intentions, especially when it comes to naming a CEO.
See Amy Feldman, The Big Lessons From Celebrity Estate Wars, Reuters, Jan. 26, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
