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Thursday, March 8, 2012

Bobbi Kristina to Inherit $20 Million Over the Next 11 Years



Inheritance: Whitney Houston has left everything in her will to daughter Bobbi KristinaYesterday it emerged that Bobbi Kristina was the main beneficiary in Whitney Houston's will. 

And now the last testament of the document has been released which details how the 19-year-old will inherit her mother's legacy- worth an estimated $20 million.

The Grammy-winning singer made provisions for her daughter before her death last month.

According to the legal document Bobbi Kristina, who is the beneficiary of her estate which has been placed into a trust, will receive money at the ages of 21, 25 and 30-years-old.
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Whitney, who passed away on February 11 aged 48, first set up the will in 1993, it was later amended in April 2000.  While Bobbi Kristina is not named the singer stipulated that 'any child of mine who survives' will receive all furniture, clothing, personal effects. jewelery and cars, as well as the balance of the estate. 

If Bobbi dies, the estate would go to her relatives and her ex-husband Bobby - who would have to decide between themselves hot to divvy items up. 

Final wishes: Whitney Houston's final Will indicates she will leave all of her estate to her daughter Bobbi Kristina
Final wishes: Whitney Houston's final Will indicates she will leave all of her estate to her daughter Bobbi Kristina
Staggered: The second page of the document details how Bobbi will receive payments at 21, 25 and 30-years-old

Former flame: Whitney's ex-husband Bobby Brown will receive nothing
Whitney's ex-husband Bobby Brown will receive nothing
If the group couldn't decide how to split the assets they would be sold and the cash would be distributed.

As well as staggering access to the trust Whitney also stipulated that her trustees can release funds to Bobbi Kristina depending upon the circumstances and it is up to the trustees to allow to release the funds or not.

Presumably these would include if the teenager wanted to start a business, or pay for college.

It will no doubt come as a relief to the family that even though Whitney's former husband Bobby Brown is named in the will - he will not receive anything. 

Whitney’s mother Patricia 'Cissy' Houston is the executor of the will and her brother and sister-in-law are trustees.

Whitney's brother Gary Houston, who was named in the will as one of family members who the estate would be divided between if Bobbi dies, has spoken out about the document.

According to TMZ he said: 'I dont concern myself with any of that [will stuff] ... All I know is my sister's gone.'

Whitney and Bobby Brown were married for 14 years, but Whitney signed a prenuptial agreement before they tied the knot in 1992, which banned Bobby from accessing her will.

The prenup stated: ‘Houston shall have the right to dispose of her Separate Property by Last Will and Testament in such manner as she may, in her own uncontrolled discretion deem proper.

Original: The first will was made in 1993 but was tweak in 2000
Original: The first will was made in 1993 but was tweak in 2000
Amendment: The will was updated in 2000
Amendment: The will was updated in 2000
‘All future earnings, income, and accumulations resulting from each of the party's respective personal activities, skills, efforts and work (including but not limited to each party's respective earnings, income and accumulations derived from recording contracts, movie contracts, other media contracts, concert tours, endorsements, personal appearances....shall remain separate.’

While Bobbi Kristina will inherit her mother's estate her family is hoping she doesn't inherit Whitney Houston's fame. 
The family of the singer, who passed away last month, reportedly wants the 19-year-old out of the 'limelight'.



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