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Lack of clarity about man's estate plans

Most any Texas resident can benefit from a well-crafted estate plan regardless of their wealth or the size of their estate. That said, even when people have developed a will or a trust there may be questions left that family members and other heirs raise once a person has died. When a famous person dies, some of these questions may even become very public due to media coverage.

Such is the case today after the recent death of a magazine tycoon with an estate reported to be worth about $43 million. Initially and for several days after the man's death, word on the street indicated that his widow would receive literally nothing from his estate. Now, however, new reports have been made public indicating that the woman could get as much as $5 million due to a clause in the couple's prenuptial agreement. The pair were married five years ago.

Another report suggested that the man's home was listed in a trust but with his wife, not himself, noted as the owner. If this is true, she may also end up with this home. The value of the home is not known. There are no reports of any disputes filed by anyone regarding the man's estate as of yet.

Rich or not, Texas residents may want to consult with an attorney to develop their estate plans and to review them on a regular basis. 

Source: AOL, "Hugh Hefner secretly set up wife Crystal Harris to get millions upon his death," Gibson Johns, September 30, 2017

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