Whitney Houston Estate

When international singing sensation Whitney Houston passed away earlier this month the world was certainly shocked. Her life in recent years up to the event of her death had been filled with much controversy over her drug abuse and the notable loss of her legendary voice. Unfortunately, it seems that controversy over her estate may still continue long after she has been laid to rest.

There had been much speculation prior to her death that she was going broke. Possibly even bankrupt. Which is not too hard to believe considering her less than stellar concert ticket and album sales in recent years. And given the expensive nature of her lifestyle, those rumors of bankruptcy may not have been too far off the mark. Of course, they were vehemently denied by her and her camp. But what happens now that she's gone?

It is estimated that her current estate may only be worth $10 to $20 million dollars. On the whole, not a large sum for someone who has been on the scene for so long. It does stand to reason that her estate may have brought in quite a large amount of money in the days after her death and will continue to do so for the foreseeable future. But nobody knows whether these royalties will be added to her existing fortune, or will it need to be used to pay outstanding debts. And it will not be as much as people might think given that she did not write or produce her own music. Her hit song, I Will Always Love You, was written by Dolly Parton, who will more likely benefit from the resurgence of this song's sales.

At this time it is not known what exact type of estate litigation instruments she had in place at her death. Most agree there was at least a will in place. However, for someone with a large amount of wealth, assets, and property, a will alone is not the best estate planning instrument. A trust would be a much better, and private, way to distribute assets to her survivors and avoid a lengthy and costly probate process.

It remains to be seen how much her estate will ultimately be worth monetarily, but there can be no doubt that her legacy remains an invaluable contribution to the music industry and to her fans worldwide.

If you are in the music or movie industry, you should consult with one of our professional Trust Attorneys as soon as possible. We can provide you with solid estate litigation instruments that will give you the utmost control over your estate while you are alive and make sure to capture any royalties your estate will receive after your death.

*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.