Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

The importance of continuous estate planning

Florida residents have likely heard of filmmaker John Singleton. He passed away in April 2019, and at the time of his death, he only had a will that was last updated in 1993. He had at least five children when he passed, and there is speculation that he may have had two more daughters. Regardless, his lack of estate planning may make it difficult for his family to settle his estate in a timely or affordable manner.

There is some confusion as to Singleton's net worth at the time of his passing. His mother said that he had $3.8 million in assets in a probate filing, but it has also been reported that he was worth $35 million when he passed. Some believe that Singleton created a trust that is holding the additional money. However, others have said that individuals who create trusts generally create a pour-over will as well.

The will that Singleton created in 1993 did not have a clause that directed assets to be automatically put into a trust. Generally speaking, an estate planning professional would have known to do that to ensure that the time and cost of setting up the trust didn't go to waste. As the will must be probated, it is likely that additional disputes may arise before the estate is settled.

While wills may be an effective estate planning tool, it is a good idea to review them on a regular basis after they are first created. This can help to ensure that it still meets a person's needs. If a person has a trust, it may be worthwhile to create pour-over wills to ensure that a trust is funded. An attorney may help an individual review an estate plan and make needed changes.

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
Read More...
  • NYSBA
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Miami, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions