Oscar winner Philip Seymour Hoffman passed away unexpectedly on February 2nd survived by his three minor children and long-time girlfriend, Mimi O’Donell. Hoffman left behind an estate reported to be worth $35 million.
If Mr. Hoffman prepared an estate plan before his passing, the assets will go to whom he directed. However, if Mr. Hoffman did not have a written estate plan in place, it is entirely possible that a probate court judge will be in control of the estate and it will go where New York state laws says it will go. That means the assets could be placed into a Uniform Transfers to Minors Act “UTMA” account for the actors three children, and that the court will decide who manages those assets, how they are managed, and the kids would likely receive them outright and unprotected at the age of 18 or 21.
While you may not have an estate the size of Mr. Hoffman’s the same thing could happen to your estate in the event you passed away without a written estate plan.
For an update on Philip Seymour Hoffman's will, click here.
If you would like to make sure your kids are protected in the way you would want, and that the assets you leave for them would be managed by who you want, how you want, and only given to them when they are old enough to manage them properly, then check out our video tips page for additional information and answers to frequently asked questions.