David Bowie’s death was certainly sent shockwaves throughout the music industry. When people of Bowie’s stature pass away, their financial status often becomes a discussion topic depending on what they leave behind. In Bowie’s case, his family, heirs and close friends will be financially secure. In fact, his estate plan can be a lesson to those who are in the midst of creating their own legacy plans, even if they do not have $100 million in assets and properties to distribute.
In our next few posts, we will focus on those lessons, including tax planning strategies and tips for keeping loved ones in the loop. In the meantime, we will focus on the task of administering the estate.
According to a recent NYTimes.com report, Bowie’s long-time business manager was named his executor. This means that he will be in charge of paying Bowie’s last bills, ensuring that specific property is kept in trust before being distributed to appropriate people, and of course, filing an estate tax return with the federal government and the state of New York.
Indeed, being an executor is not for the faint of heart. The time commitment and responsibility is not to be underestimated. However, it is a critical exercise that people take pride in. Regardless of the size of the estate, an executor can be assisted by an experienced attorney. The guidance and expertise of a skilled lawyer can take a great deal of pressure off of an executor.
The preceding is not legal advice.