When the former lead singer of INXS committed suicide in 1997, his family was shocked to learn that he had almost no assets. His bank accounts were nearly empty. Real estate he had told them he owned, turned out to belong to other people.
It was not clear what happened to the rights to his music either.
However, now his family thinks Hutchence's daughter, known as Tiger Lily, could inherit millions when she turns 21 in the next few weeks.
Before he passed away, Hutchence set up a trust fund. The family thinks the trust now has assets for Tiger Lily to inherit, according to the Daily Mail in "Michael Hutchence's daughter Tiger Lily is set to 'inherit millions' on her 21st birthday next week through a trust fund set up by her INXS musician father."
It is not entirely clear why the family has this belief, since many details about the trust are not public and the family does not control the trust. It could be that the rights to Hutchence's music were placed into the trust, which would give it a regular income that could be given to beneficiaries.
Similar things can happen anytime an estate has a valuable asset that can earn a continual income.
For these types of estates, in Cincinnati and elsewhere, it is important to make sure that the people in charge of them know how to maximize the potential of the assets, in order to get the most income out of them.
We may learn soon whether the Hutchence's estate does have those people in charge.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Daily Mail (July 16, 2017) "Michael Hutchence's daughter Tiger Lily is set to 'inherit millions' on her 21st birthday next week through a trust fund set up by her INXS musician father."