Movie star and former Florida State running back Burt Reynolds died at Jupiter Medical Center in Florida earlier this month at the age of 82.
The Florida native was a hero to many here in the state but some might be wondering why he didn’t add his 30-year-old son, Quinton Reynolds, to his will.
Here is the answer. Burt Reynolds signed his will in 2011, and left niece Nancy Lee Brown Hess as the personal representative of his estate, according to TMZ. Burt Reynolds excluded his son but not because he wanted to disinherit him.
The report says the former movie star created a trust for his son’s benefit and the money from it will go to Quinton.
You may be wondering, what is a trust? A trust is a fiduciary arrangement that allows for a third party or trustee, to hold the assets on behalf of a beneficiary or multiple beneficiaries. Trusts are arranged in many ways and can specify precisely in which methods and when the assets pass to the heirs.
Since trusts typically avoid the probate process, Quinton may gain access to the assets quicker and avoid extra taxes. It was a smart move by Burt Reynolds and his lawyers.
If you own any worthwhile amount of assets, money, property or investments etc., you must state a will for your beneficiaries / children or even for someone else, whom you want to handle your assets in the future after you pass away. In this case, our legal firm can help you can manage your will in the right direction.
Attorney Morgan Jaye McGrath, who is a partner at The Berman Law Group also supports the victims who are dealing with such people who are interrupting and don’t let them live as per their ancestor’s will. In this case, our professionals are present to be at your service. We confirm the responsibility and assurance of justice that we will do our best to serve you by all means.