Elizabeth Taylor's Estate

Two things are inevitable, or so the saying goes, death and taxes.  Elizabeth Taylor passed on March 23, 2011 at Cedar-Sinai Hospital in Los Angeles.  She was probably the first actress that I ever knew the name of as my parents spoke about her frequently while I was growing up.  I could not have told you that she won two Oscars (“Butterfield 8” and Who's Afraid of Virginia Woolf”), but I did know that she had more than her share of husbands!

Ms. Taylor had a trust known as The Elizabeth Taylor Trust which she signed on June 23, 1998.  The reason that I know this is that two days after her death, on March 25, the attorney for her trustees filed a notice to creditors in the probate department of the Los Angeles Superior Court.  It is a court with which I am very familiar. One of the purposes of filing the notice to creditors is to begin the running of the statute of limitations.

As of now, it appears that the distribution of Ms. Taylor's estate is not going to be as “public” as that of many of our other celebrities.  She appears to have planned and to have utilized a living trust correctly.

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