The Kardashians are synonymous with wealth and success but a lesser-known chapter in their family saga, particularly the death of Robert Kardashian Snr, reveals a crucial lesson in estate planning – the importance of a trust fund.
Robert Kardashian, famously known for his role in the O.J. Simpson trial and as the patriarch of the Kardashian clan, left behind a legacy that extended far beyond his legal career. However, when he passed away, his four children (Kourtney, Kim, Khloe, and Robert Jnr) were shocked to discover that they were excluded from his estate, which had been bequeathed entirely to his third wife, Ellen, whom he married just six weeks before his demise.
The bitter legal battle that ensued saw the Kardashian children contesting the validity of the will, alleging it to be a forgery or procured under duress as their father was battling cancer at the time of its creation. They believed that their father would never intentionally leave them with nothing. Yet, despite their efforts, the courts ruled in favor of the third wife, leaving the Kardashian children empty-handed and their financial security uncertain. Khloe, the third child of the family, was left unemployed as she was an employee of her fathers before his death. She was also evicted from her condo for failure to meet payments. The family had to take loans from friends and family to make ends meet before they landed their famous reality show, ‘Keeping up with the Kardashians’.
This heart-wrenching tale underscores the inherent flaws in relying solely on wills for estate distribution. Wills are subject to probate, a lengthy and costly legal process that can lead to disputes and delays in asset distribution. In the case of Robert Kardashian, probate became a battleground where his children fought for their rightful share of his estate, only to face disappointment and defeat.
A trust fund, on the other hand, is a powerful tool in estate planning that offers a level of protection and certainty unmatched by wills alone. Unlike wills, trusts bypass probate entirely, ensuring swift and seamless transfer of assets to beneficiaries. Had Robert Kardashian established a trust fund, he could have avoided the contentious legal battle that tore his family apart. A trust would have provided clear instructions for the distribution of his assets, leaving no room for interpretation or contestation. His children would have received their rightful inheritance without the need for courtroom drama or bitter acrimony.
The Kardashian saga serves as a wake-up call for individuals and families alike to prioritize proper estate planning. Regardless of one’s wealth or status, the importance of safeguarding assets and ensuring the financial security of loved ones cannot be overstated.
