As news of the death of singer and actress Whitney Houston hit the airwaves, sales of her work began to soar. Houston was discovered dead in her Beverly Hills Hilton hotel room just hours before she was scheduled to attend the Grammy Awards. Once considered the darling of the music industry because of her soulful voice and endearing personal style, Houston was best known for the timeless hit I Will Always Love You. Along with a string of chart topping number one hits throughout the 90s, Houston also managed to accomplish the often difficult task of crossing over into the acting arena with successful roles in movies like The Bodyguard and Waiting to Exhale. Sadly, despite her professional success, the last decade of Houston’s life was marked by personal troubles.. The value of Houston’s estate will be determined by the date of her death for probate purposes; however, her beneficiaries will enjoy the benefits of soaring sales that have followed the news of her death.
You may not have a lucrative record deal or movie role residuals to count among your estate assets, but you likely do have estate assets that are likely to increase in value. You may also have assets that may continue to provide an income stream for your estate beneficiaries long after your death. Assets such as these require additional consideration when planning your estate in order to ensure that they are handled correctly and are left to the appropriate beneficiary.
Pyke & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.