Britney Spears is not known for the making the wisest decisions. She has proven to be so poor at decision-making, that she has court-appointed conservators who oversee her financial affairs.
If reports are accurate, however, then Spears is making a wise estate planning decision.
She currently has a will that would leave all of her assets to her two minor sons, when she passes away. The will was written before her sons were born.
Spears would now like to change the distributions from her will, so a trust provides staggered distributions to her sons. Instead of giving her children everything immediately, the trust would distribute her assets over time, as they reach certain landmark ages.
TMZ reported this story in "Britney Spears I Need a New Will to Protect My Kids."
The important thing to learn from Spears is that when circumstances changed, she revisited her estate plan to adapt it to those circumstances.
Before she had children, her current will might have made sense as her best estate planning option. However, with minor children, a trust to protect the distributions under her will became the better option.
This is something that everyone should do. Changed circumstances require changes in estate plans.
You probably should not take Britney Spears' as a positive example for other financial decisions. However, in this case, you absolutely should.
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: TMZ (August 16, 2017) "Britney Spears I Need a New Will to Protect My Kids."