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Protecting Your Legacy

Hefner’s kids, charities benefit from estate administration

by | Oct 3, 2017 | Probate & Estate Administration |

After any death, it is often necessary to ensure that the person’s estate is properly closed. Estate administration can entail a variety of tasks, but the aspect that interests most people relates to property distribution. Estates estimated at considerable values often garner particular attention, and many Texas residents may have their eyes on what will happen to the estate of recently deceased Playboy founder Hugh Hefner.

At the time of his death, Hefner was married to his third wife. However, the 31-year-old woman was not written into the 91-year-old man’s will. Nonetheless, she will apparently not be left in the cold, as she will reportedly obtain ownership of a home Hefner purchased for her in 2013. Additionally, a prenuptial agreement that the pair signed also entitles her to $5 million.

The rest of Hefner’s estimated $50 million estate will apparently be distributed among his four children, various charities and the University of Southern California film school. His estate reportedly breaks down into his having $36 million in stocks and bonds and a joint account holding $6 million. It was unclear with whom he shared that account.

While Hefner’s estate administration may make headlines, other individuals dealing with a family member’s estate may appreciate that they are not in the spotlight. Dealing with this type of process can sometimes prove trying, and Texas residents may prefer to tackle the necessary duties as simply and smoothly as possible. Because taking on such a task can have its difficulties, concerned parties may wish to gain assistance from experienced attorneys.

Source: refinery29.com, “Who Will Inherit Hugh Hefner’s Fortune?“, Natalie Gontcharova, Oct. 2, 2017