I’m sure everyone knows who Britney Spears is. She is a famous pop star, has a Vegas Residency that rakes in millions of dollars? Sound familiar??
Ms. Spears had an estate plan prepared for her a long time ago. She probably has managers and attorneys who drafted legal docs before she ever got married or had kids. It was recently in the news that she is making changes. Her Will and other docs were written a while ago and now need a tune-up. She has two boys, who will soon be teenagers.
Previously, Ms. Spear’s estate plan stated that when she passes her children would inherit everything. That’s pretty standard in estate planning documents.
The issue with a Will or estate docs that were drafted a long time ago is that they can become outdated. In the case of Ms. Spears her documents were drafted and didn’t include any distribution stipulations for a child’s inheritance, should she have any. Now she has two sons, Sean and Jayden, who would inherit her entire fortune. Ms. Spears net worth is around 200 million dollars. Its not the wisest decision to open the vault to 18-year-olds all at once.