Estate Plan

Philip Seymour Hoffman did everything in his power to make sure his children were "normal."

When the Capote actor died of a heroin overdose in February, he left the bulk of his estate to his partner, Mimi O'Donnell, and added the unusual request that their offspring be raised outside of Los Angeles. According to his accountant, David Friedman, these decisions were made to keep his children from becoming trust fund kids.

After the tragic passing of Philip Seymour Hoffman in February, he left behind three minor children and a long-time girlfriend. Since he wasn't married, you may assume he would have left his estate to his kids. We now know from court papers that Hoffman did not leave his estate to his children. Instead, the majority of his estate was left to the girlfriend. A trust was created for one of his children, but money from the trust can only be used to pay for education, support, health, and maintenance.

Three years and two trials later, the will remains the subject of a fierce probate fight in Sacramento Superior Court. Lawyers for the stepson and O’Brien’s brother have challenged the will as a fraud. They contend O’Brien didn’t have the mental capacity to amend the original trust.

Waiting until you are on your deathbed to create or change your will can cause a lot of chaos after you pass, so don't wait to make those changes! Take a lesson from the late Joseph Herb O’Brien. O'Brien was dying in a hospital room. For a long time he had an estate plan that left his entire estate in a trust, the sole beneficiary of which was his stepson. The stepson had a long history of legal problems. Shortly before O'Brien passed away, he dictated a new will to two friends. This new will left the vast majority of the estate to one of those friends instead of the stepson.

The Sacramento Bee has the full story of what is alleged to have happened in an article titled “Final wishes of a ‘good man’ or deathbed fraud? Judge to rule in probate case.” It is a good read that explains all of the minute details of the case. Basically, the judge has to decide whether O'Brien was competent to change his will at that time or whether his friends coerced him into changing it for their own gain.

Articles Posted in Estate Plan

Philip Seymour Hoffman’s Estate Goes to Girlfriend, Not Kids

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