$4 Million Nelson Mandela Estate : estate litigation ?
Nelson Mandela’s estate is worth $4 Million according to news sources, which also suggest that the family may be fighting. Who will gain control of his likeness, image, name and the chance to get royalties ?
Here’s what media sources are saying:
- His wife gets half of his estate
- His #LastWill was read on Monday
- Lots of emotion but no #WillContest yet
- His #Executors have been appointed to administer the estate
- The #SurvivingSpouse or #widow may waive her 50% share of the Estate in favor of specific real estate and personal property
One would think that the intellectual property rights for the 95 year old former South African President would be amazingly valuable: the right to use #NelsonMandela’s image and name might bring in millions over the years. It is uncertain whether a #trust will be created to manage those rights or whether those rights are to be received by specific #EstateBeneficiaries.
Mandela’s second wife was evidently not mentioned in his will. This is not surprising. Former spouses get property at the divorce proceeding when marital assets are distributed. Upon a divorce, some #EstateLaws treat the former spouse as if she or he has passed away for purposes of #Probate and #EstateLaws or #InheritanceRights. #FloridaProbateLaw treats all former spouses as predeceased for purposes of #RevocableTrusts, #LastWills and also #BeneficiaryDesignations like #LifeInsurane and #IRA’s.
One specific piece of real estate will be use by the family of one of Mandela’s sons who is deceased. It is uncertain whether it will be held in a #familytrust or given outright to someone.
#NelsonMandela also
- forgave some loans for family members
- gave some specific dollar amounts to employees or staff
- made some #CharitableContributions to universities
- his #Estate will be administered by three (3) #EstateExecutors (what we call in #FloridaProbateLaw a #PersonalRepresentative.