The family of artist Thomas Kinkade is doing what many families do after the loss of a loved one (particularly when the loved one is wealthy): “lawyering up” to fight over the estate.
Mr. Kinkade was an American painter who passed away in April of 2012. He referred to himself as the Painter of Light and he was America’s most collected contemporary artist at the time of his death. Mr. Kinkade left behind an estate worth over $60 million, a wife from whom he was legally separated, and a girlfriend who had lived with him for more than a year.
A probate court in Santa Clara, California is now faced with the following arguments: In one corner is the decedent’s wife (from whom he was separated), who is arguing for the administration of the formal estate plan the couple had prepared during their marriage. In the other corner is the girlfriend, who has presented two handwritten wills to the court that leave the girlfriend Mr. Kinkade’s home, his studio and $10 million to establish a museum to display Mr. Kinkade’s paintings. Will these holographic (handwritten) wills stand up in court? Stay tuned, as that remains to be determined.
What is certain at this point is that Mr. Kinkade could have saved his family loads of unwanted publicity (and legal expenses) if he had executed a formal plan that outlined his wishes for the museum and the gifts to his girlfriend. Handwritten wills may hold up in some courts; however an estate plan is more likely to survive challenges if the family takes the time to execute proper documents in accordance with the appropriate state laws. Mr. Kinkade should have also been advised to formally amend or replace his estate planning documents as his relationship changed with his wife.
Properly executing and updating estate planning documents requires an investment of time and money. Improperly prepared documents may force family members into making far more substantial investments to protect their rights after we’re gone.
You can find more on the Kinkade dispute here:
http://news.yahoo.com/kinkade-estate-dispute-remain-public-now-202323026–finance.html
