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How are children affected by public wills?

On Behalf of | Feb 6, 2014 | Heirs & Beneficiaries

When the famous billionaire Harold Simmons passed away, Nevada residents may remember the interest shown regarding his children and the will. Because of the large amount of wealth and valuable assets to be distributed, lawyers for Mr. Simmons’ children have asked that the will not be made public. The details of wills are made public after a certain amount of time, barring an injunction from a judge.

The local judge has granted some of the request. This means that while some details will be sealed, much of the estate distribution will be made public, as with every other case. The family fears that the children and other beneficiaries could suffer from unwanted attention after receiving a share of the billionaire’s property, hence the request to seal the will.

In many cases, extremely wealthy families will hand down inheritance through a trust. This means that the will may not specify how much of the wealth will be divided. A trust could mean that the financial details of a case do not have to be disclosed. However, in this case it seems that there is a definitive will for the family to divide various properties, money, assets and more.

It can be difficult for the children and grandchildren when they are in line to receive a large sum of money. In this case, it could bring unwanted attention from those who wish to take advantage of the situation. The death of a loved one is always difficult for Nevada readers, but there may be options to discreetly deal with the personal details of a will.

Source: Dallas Morning News, Judge may seal some of Harold Simmons’ will, Jeff Mosier, Jan. 29, 2014