A little over a year after Frances Bean Cobain inheritance made the news, the 19-year-old daughter of Kurt Cobain made news again as she recently bought a home in West Hollywood.
Last year, on her 18th birthday, Frances Bean Cobain inherited 37 percent of her father’s estate, reports Forbes. Now, the young woman has shown some savvy buying a $1,825,000 home in the Hollywood hills and even knocking $65,000 off the asking price.
Frances Bean Cobain was just a year old when her father, and Nirvana frontman Kurt Cobain, committed suicide, reports Forbes. After his death, the girl was shuttled between grandparents and other family members as her own mother, rocker Courtney Love, dealt with troubles.
It wasn't reported if Kurt Cobain had a will or made provisions for his little girl post-death, but a trust was established for Frances Bean Cobain well after his death. The trust may have been made because a court feared that Courtney Love was not a suitable guardian and could not be trusted in managing her late husband's estate for their child.
As the court intervened so long after Kurt Cobain died, he probably had little say in how the trust would be run. For example, the court likely chose the trustee and how the property would be managed until Frances Bean came of age.
To avoid having a court make major decisions over the inheritance of your loved ones, you should begin estate planning early, especially if you have minor children. Children usually cannot inherit property until they turn 18, and you may want a trust so that you can have some say in how your children are raised and how their inheritance is managed.
Francis Bean Cobain inheritance made news again. The daughter of Kurt Cobain inherited her share of his estate and is seemingly making smart investments.
- Find a New York Estate Planning Attorney (FindLaw)
- Frances Bean Cobain buys $1.825 million L.A. home of her own (New York Daily News)
- Estate Planning 101 (FindLaw)
- New York Will Requirements (FindLaw's New York Estate Planning News)