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Attorney and CPA

Stepdaughter of Florida millionaire set to inherit a fortune

Some time back, a Florida millionaire was brutally murdered in a hotel room by a hit man hired by his wife and her brother. The duo was convicted for the offense last month. The present issue, however, does not relate to the incident of his murder, but that of the administration of his estate and assets and related issues.

It has been reported in the news that the millionaire's stepdaughter, along with her two children, is set to inherit her father's multimillion dollar estate. The estate includes a fleet of luxury cars, a yacht, two homes and $150,000 in cash.

The estate administrator believes that an estimated $4.2 million worth of the fortune should go to the stepdaughter as the primary heir. The millionaire's surviving spouse will most likely be disqualified as a beneficiary under Florida's slayer law. The slayer law prohibits a person who causes the death of another person from inheriting the person's estate.

According to the will, the stepdaughter will get $150,000, whereas the rest will go to the two trusts created for her sons. The trust will be managed by the Bank of America. According to the estate administrator, he and the bank will decide the mode of distribution of the assets. The administrator indicated that the two may either be given assets including cars, yacht and houses, or they may be given assets from sale proceeds.

However, other family members continue to dispute the will, seeking its invalidation. They intend to eliminate both the wife and stepdaughter from the beneficiary list. They also intend to defend their title on the grounds that the deceased executed the will under the undue influence of his wife. Also, they are alleging that the stepdaughter also participated in the murder, a claim already rejected by the jurors a long time ago.

With property comes negativity and family disputes. The case demonstrates the complexities involved in these types of inheritance disputes.

Source: Lohud, "Narcy Novack case: Daughter poised to inherit multimillion dollar estate," Jorge Fitz-Gibbon and Jonathan Bandler, Jan. 11, 2013

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