Last September, Malcolm McCormick, a rapper known professionally as Mac Miller, passed away at the age of 26. A petition to open probate was submitted to the Los Angeles County probate court, and the case has been widely reported on in the media.
From court documents, we know that Mr. McCormick created a will and trust in 2013. However, due to the fact that his estate is now being probated, we can assume it was not properly funded and therefore did not serve the purpose he had originally intended it to. As a result, the exact value and contents of his estate, as well as a copy of his will, are now public record.
Many people do not realize that even if you have a living trust, if it is not properly funded (i.e. if your assets are not properly titled in the name of the trust) your family may be forced to open a probate on your estate. A formal probate exposes your assets to liability and risks paying more taxes or attorney fees than you needed to.
In light of Mr. McCormick’s alleged nine-million-dollar estate and the fact that California probate attorneys make fees based on a percentage of the appraised estate, you can see that failing to fund your trust can be a costly mistake. This speaks to the importance of reviewing your documents every few years.
Consider meeting with an experienced estate planner today to learn more about how you can plan ahead for your family. Planning your estate may not make any difference in the way you live your life, but it will make a difference in the way your legacy is remembered.
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship. Brittany Britton is licensed to practice law in the state of California only.