What Can We Learn From The Monkees Lead Singer Davy Jones? Insights into Estate Management

What Can We Learn From The Monkees Lead Singer Davy Jones? Insights into Estate Management

Introduction
Davy Jones, lead singer of the music group (and TV show for those that know!) The Monkees, passed away in 2012 leaving behind a 33-year-old, former-flamenco-dancer widow (Jessica) and four adult daughters. Unfortunately, his estate may have been a bit indebted and his last will predated Jessica by five years. A Floridian, Jones could not disinherit his young bride (as those of you that read this newsletter already know) and she filed a claim against Jones’ estate for her spousal elective share.

Estate Challenges
Jones’ daughter, the named personal representative in his last will petitioned the Florida judge to seal the probate files from the public to protect the estate by stating, “The decedent has been a public figure since the 1960s, and [the estate] is concerned about the public’s access to the … planning documents and financial affairs as public opinion could have a material effect on his copyrights, royalties, and ongoing goodwill.” Surprisingly, the judge agreed and the Court files were sealed.

Lessons in Estate Management

Avoiding Probate:
So, what can we learn from this estate monkey business? We can discuss how a properly funded trust could avoid probate and keep estate matters private. A will is important, but it does not avoid probate. The last will just provides direction for the judge should an estate end up in probate. The name of the game with estate planning is avoiding probate (and thereby keeping matters private) and a trust is an excellent tool.

We also learn that I’ve always loved TV!!! “Hey, hey, we’re The Monkees and people say we monkey around….”