Boss also co-hosted the TV show Disney’s Fairy Tale Weddings alongside his wife and fellow dancer, Allison Holkers.
Boss and Holkers shared a seemingly extremely happy life together in Los Angeles where they were raising their three children, ages 3, 7, and 14. Sadly, on December 13, 2022, Boss died by suicide at the age of 40. Boss’ death was a complete shock to fans and loved ones who reported the star seemed happy in the weeks leading up to his death.
Boss died without a Will or Trust in place, meaning his wife, Allison Holker, is now forced to petition the California court system to release Boss’ share of their assets to her. While California has tools to simplify this process for some couples, Holker will still need to wait months before she can formally take possession of the property Boss owned with her, as well as property held in his name alone, including his share of his production company, royalties, and his personal investment account.
Unnecessary Court Involvement In a Time of Grief
In order to have access to her late husband’s assets, Holker had to make a public filing in the Los Angeles County Probate Court by filing a California Spousal Property Petition, which asks the court to transfer ownership of a deceased spouse’s property to the surviving spouse. Holker must also prove she was legally married to Boss at the time of his death.
While California’s Spousal Property Petition helps speed up an otherwise lengthy probate court process, the court’s involvement will delay Holker’s ability to access her late husband’s assets – a hurdle no one wants to deal with in the wake of a devastating loss. In addition, the court probate process is entirely public, meaning that the specific assets Holker is trying to access are made part of the public record and available for anyone to read.
During such a difficult time, all a person wants is the space to mourn and manage their loved one’s affairs in privacy and peace. With court involvement, the timeline of steps that need to be taken is dictated by the court, and the process of proving your right to manage your loved one’s assets can feel like an unfair burden at a time of grief.
This isn’t just a problem for the wealthy. Even if you own a modest estate at your death, your family will need to go through the probate court process to transfer ownership of your assets if you don’t have an estate plan in place. People often think that if they have a “small” and “simple” estate, but it is often those people who suffer the most based on the court costs, attorney fees and delay. If you have less, every dollar counts and those costs impact your family even more.
How to Prevent This From Happening to Your Loved Ones
When someone dies without an estate plan in place, the probate court’s involvement can be a lengthy and public affair. At a minimum, you can expect the probate process to last at least 9 months and oftentimes as long as 18 months or more. Court involvement in Boss’ passing could have been completely avoided if Boss and Holker had created a revocable living trust to hold their family’s assets. If they had, Holker would have had immediate access to all of the couple’s assets upon Boss’ death, eliminating the need to petition a court or wait for its approval before accessing the funds that rightly belong to her.
A Trust would have also kept the family’s finances private. Instead, in the midst of this family grieving, their personal financial information will be splashed all over the internet and tabloids, while we all get a front row seat. With a Trust, only the person in charge of managing the Trust assets (the Trustee) and the Trust’s direct beneficiaries need to know what assets are owned by the trust and how they’re to be used. There is also no court-imposed timeline on the Trustee for taking care of your final matters (with the exception of some tax elections), so your family can move at the pace that’s right for them when the time comes to put your final affairs in order.
The privacy that a trust provides also helps to eliminate family conflict because only the parties directly involved in the Trust will know what the Trust says. If issues between family members arise over the contents of the Trust, the Trust will lay out all your wishes in detail, so that all family members are on the same page and understand your wishes for the ones you’ve left behind.
Guidance for You and the Ones You Love
Most importantly, creating a Revocable Living Trust through us, your Personal Family Lawyer® firm, ensures your loved ones have someone to turn to for guidance and support during times of uncertainty. No one expects the sudden loss of a loved one, but when it happens, their world is shaken. Even the simplest tasks can feel overwhelming. Don’t force them to add the unfair and unnecessary burden of managing your affairs, hiring lawyers, going to court, and all the things they’ll have to do to manage your probate.
That’s why we welcome you to meet with us for a Family Wealth & Legacy Strategy Session™ to discuss your wishes for when you die or if you become incapacitated. During the session, we’ll walk you through all your options for estate planning and how your choices will impact your loved ones after you’re gone. We even encourage you to bring your family with you to your free three-year plan review meetings, so they have a chance to meet the attorney who will guide them through any future loss or incapacity your family may experience.
If you’re ready to start the estate planning process, contact us today at (630) 233-4223 for a 15-minute discovery call, or to schedule your Strategy Session today.
This article is a service of Family Wealth & Legacy Legal Solutions (FWLLS). We do not just draft documents; we ensure you make educated, informed and empowered decisions for yourself and the people you love. That’s why we offer a Family Wealth & Legacy Strategy Session™, during which you will get educated and begin to prepare to avoid life’s most common legal problems and get a plan in place to make the best possible choices for the people you love. You can begin by calling our office today to schedule a Family Wealth & Legacy Strategy Session and mention this article to find out how to get this $750 session at a significantly discounted rate, or even for free.