Until recently, Anne Heche was an Emmy award-winning actress best known for her roles in such blockbusters as Donnie Brasco and I Know What You Did Last Summer. However, after a tragic car accident took her life in August 2022, it’s her estate that has made its way into the headlines.
The biggest estate planning mistake people make is not having a plan at all, and Heche was one of the 67% of Americans without a will or trust. Now, her estranged 20-year-old son, Homer Laffoon—the oldest of two—is battling with her ex-boyfriend, James Tupper—the father of her youngest son—for control of what we can only imagine is a sizable estate.
The short story is this:
Back in 2011, Heche emailed her lawyer, outlining her wishes for Tupper to receive all of her assets, to be used to raise both of her children, and—ultimately—be given to them. She never signed a will, though.
When you die without a will, your assets are distributed following your state’s intestacy laws. In California, where Heche lived, law dictates that a person’s assets be distributed, first, to the surviving spouse, or, if there is no spouse, split equally between the decedent’s surviving children.
At present, the court has granted her oldest son the role of “special administrator,” which means he can begin collecting and organizing his mother’s assets, but cannot distribute, transfer, or sell them.
Tupper has requested that the court name a third-party professional fiduciary to settle the estate.
We have to agree that this is an excellent idea. A professional fiduciary would be able to bring experience, expertise and objectivity to this complex case.
An objective perspective. Perhaps the most valuable asset that a professional fiduciary can bring to a case like this is objectivity. Not only are Tupper and Laffoon biased, but there is animosity between them. A professional fiduciary will be able to stay focused on just the facts, and make decisions about who should inherit which assets, and mitigate the legal risks associated with when and how the assets should be distributed.
Experience. A professional fiduciary will know how to navigate the probate process, stay compliant with tax obligations, and meet deadlines—all in alignment with state law. They understand the mechanics of the various types of estate administrations and can work quickly and efficiently through the processes that need to be accomplished, without having to rely on other professionals to carry out their fiduciary duties.
General Administration. The role of a fiduciary is commonly an administrative job, similar to managing a small business. It requires accurate record keeping of all transactions, regular accounting reports, careful attention to detail, and availability, to both do the work and communicate with the parties involved.
Inventorying & Valuing. A professional fiduciary will assume the complicated task of inventorying the decedent’s assets and liabilities, and assist in evaluating any real property: houses, cars, fine art, collectibles, jewelry, etc. We know that Heche doesn’t have an estate plan, so the fiduciary’s ability to sleuth out information is especially important in this case.
It will likely take the court 6-months to a year to name an administrator for Heche’s estate, and—until then—Tupper and Laffoon will be in a holding pattern, unable to move forward. Unless one of them can present the probate court with a perfect case, chances are neither of them will be appointed to settle the estate—and that’s a good thing! A third-party fiduciary will do a better job of objectively evaluating and distributing Heche’s assets and liabilities.
If only Heche had drafted a valid will or trust, and named a professional fiduciary as executor or trustee to begin with. If that were the case, her estate wouldn’t be all over the news, her family wouldn’t be getting put through the wringer, and her legacy wouldn’t be tarnished by the chaos of what is sure to become an absolute probate nightmare.
If you’re like Heche and don’t have a will or trust in place, please contact an estate planning attorney today. Consider naming a professional fiduciary to execute your estate, or to act as trustee. Santa Barbara Fiduciary offers professional fiduciary services, including serving as executor and trustee, that will give you peace of mind knowing that your final wishes will be executed exactly as you’ve outlined. Contact us using the brief form below to learn more about our services.
