Californians may have seen that deceased pop star Whitney Houston's estate has finally been settled. Bobbi Kristina Brown, the daughter of Whitney Houston and singer Bobby Brown, will receive three sizeable installments from the estate as she hits certain age milestones.
The singer's will originally provided for her daughter to receive sums of $2 million at the age of 21, $4 million at the age of 25, and the rest of the $20 million estate at the age of 30, but the singer's mother objected to the young girl receiving such lavish sums at such an early age. The singer's mother and her sister-in-law, who also served as the singer's business manager, challenged the will in court. Recently, though, an agreement has been reached between to the two parties that allows the distributions to go forth as planned.
The singer's mother noted her concern that her granddaughter was too young to responsibly handle such large amounts of money, especially so soon after her mother's passing.
Many people have concerns about leaving large amounts of money to young children in the event of an untimely death. Young people may not have the experience or responsibility to handle the money properly, but there are ways to ensure that distributions are made at the appropriate time.
When it comes to leaving large sums to young heirs, a couple options include creating a trust with distributions at certain ages or appointing a guardian or executor to oversee the money. An experienced wills and trusts attorney can explain the many options available.
Source: The Root, "Bobbi Kristina $20 Million Inheritance Settled," Lynette Holloway, Oct. 29, 2012