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Protecting Your Legacy

Burt Reynolds’s estate plan may help with probate

| Sep 19, 2018 | Probate & Estate Administration |

The information a person leaves in an estate plan can greatly affect how final affairs are settled. Some documents may require probate proceedings, and other planning tools may allow assets to be left out of this process. Whatever the case, families often appreciate having guidance from their loved ones for this situation.

After the recent news that multiple celebrities had died without estate plans, knowing that Burt Reynolds had made his final wishes known may come as some relief to Texas fans. Exact information regarding Reynolds’s plans were few as it appears that the late actor utilized a trust to address his assets. However, he also created a will that appoints his niece as the executor of his estate and that specifically omits his son.

Before jumping to conclusions regarding the omission, it is important to mention that Reynolds noted that he provided for his son with a trust. It was also noted that his niece and executor will also act as the trustee. While information regarding his will was easily obtained because it is part of the public record, details of the trust may not as quickly come to light as these documents offer more privacy.

Still, because a will was created, that document will need to be presented to the court for validation as part of the probate process. Any assets not covered by the trust will also need to go through the legal proceedings as well. The information regarding this celebrity estate plan may give Texas residents an example of how information left by their loved ones could help them through the process of settling the estates.