As a result: • Their estate was protected from unnecessary Probate costs. • They eliminated ongoing fees and commissions. • Their principal and earnings were shielded from market losses. • They saved an estimated $200,000 and got rid of a crooked attorney who could have drained their wealth further. Don’t get me wrong, I am not down on attorneys, the world is filled with unethical professionals. This case took several months to complete, but the outcome was clear: control of the estate was returned to the family where it belonged. Wouldn’t you want to give what you want, to whom you want, the way you want, without any red tape, probate, or other outside interference? Actress Jayne Mansfield died in 1959 with an estate of $512,000 left to her four children. Her children were minors and were refused access to the family home. Her daughter’s request for her mother’s charm bracelet was refused and it was later discovered that it was sold for $318 by the estate. Finally, ten years later the four adult children of Jayne Mansfield entered the probate court to receive their mother’s estate only to hear the judge tell them that the estate had been entirely liquidated by debts and litigation. Now, $512,000 was a great deal of money back in 1959, but do you wonder why it took ten years to settle the estate? Do you find it curious that the estate was settled in the same year that all the estate assets were depleted? Do you wonder how much went to satisfy her debts? Jayne Mansfield left $53,000 in debts, and the other $459,000 went to pay the costs of probate & her lawyers! The Lesson Most families won’t deal with estates this large, but the dangers are the same regardless of the size. But Probate, excessive fees, and predatory professionals can consume an estate of any size if things are not set up properly.
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