Money tends to instigate arguments.
Did Alan Thicke have a will?
Even though Thicke died unexpectedly earlier this year, his affairs were in order.
Then why the estate battle?
According to a recent Fox News article titled “Alan Thicke's sons in legal battle with his widow over his estate,” his wife did not appreciate her share.
What were the terms of his estate plan?
In the event Todd declined the role, Thicke’s two oldest sons Brennan and Robin would become the co-trustees.
That, in fact, is what happened.
So, how would his assets be divided?
His three sons would equally split 75 percent of his personal belongings, his Carpinteria ranch, and 60 percent of what was left of his estate.
His wife Tanya Callau would receive the remaining 25 percent of his personal effects, all his pension and union benefits, a $500,000 life insurance policy, and the remaining 40 percent of what was left of his estate. In addition, she also received the ranch furnishings and is allowed to live there as long as she maintains the property.
Does not sound too bad, right?
Why the estate battle?
Callau claims the terms of the estate plan violated her 2005 prenuptial agreement.
She wants more and the sons do not want to allow it.
Who will win out?
Only time will tell.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Fox News (May 17, 2017) “Alan Thicke's sons in legal battle with his widow over his estate”