If you pass away without naming beneficiaries in your will, it can create legal entanglements for your heirs.
Nobody really likes getting a smaller piece of the pie.
The death of a beneficiary scenario can arise in settling either a probate estate or a trust administration. The beneficiary’s death affects both the administration of the first decedent’s probate estate or trust and the administration of the beneficiary’s own estate.
Luke Perry’s passing on March 4, 2019 was a sad moment for many, since his iconic role on Beverly Hills 90210 is forever etched in pop culture. However, in the eight months since his passing, it has become clear that unlike most celebrity estates, Luke Perry was financially savvy.