Movie buffs in Nevada remember Carrie Fisher from her roles in Star Wars and other memorable movies. According to Fisher’s executor, her estate is worth $6.8 million, and he asked that the estate become part of the Carrie Fisher Living Trust. Her executor is the trustee while her daughter is the beneficiary of the trust. The estate had a variety of items, including a car, collectible pieces and publicity rights.
Her will was created in January 2016, and it allows the executor to pay estate and other taxes as well as other final expenses. The executor has asked that $10,000 be held back to cover any expenses or other costs that may arise prior to the distribution of the assets. According to his petition in Los Angeles Superior Court, administrative costs have been paid and other assigned tasks have been completed. A final ruling will be made in July.
The estate administration process may take several months or several years based on the complexity of an estate. An estate owner has the right to appoint an executor or allow the court to do so on his or her behalf. No one who has previously agreed to act as an executor or fulfill any other role in an estate is obligated to continue in that role indefinitely. Ideally, an estate owner will name multiple executors or trustees to account for a person eschewing such a role.
Not all assets need to go through the probate process. Assets in a trust or transferred with a beneficiary designation may be given to a beneficiary without the need for court approval. However, it may be possible to contest the terms of a trust after the creator passes away. Legal counsel could help an executor or trustee defend a deceased individual’s best interest.