Earlier this year, The Fast and Furious star Paul Walker died under tragic circumstances leaving fans, friends and family in total shock.
Now according to the Daily Mail, Walker left behind a grieving family, including his teenage daughter Meadow Rain Walker. In his Will, he left his entire fortune (rumored to be anywhere between $16 and $26 million) to his Meadow, who is just 15-years-old.
Walker’s father is currently going through the probate process and his mother is seeking guardianship over Meadow.
For those who do not know what probate is, Saga explain. A ‘grant of probate’ is a legal document, giving you legal right to organize an individual’s affairs, when you are named the executor of their Will. Luckily in this instance, Paul Walker made a Will, naming his daughter as the inheritor of his money. Otherwise the Probate process can become complex and lengthy.
A ‘grant of probate’ document is essential when you want to deal with finances, as well as Government bodies including
revenue and customs. It is also necessary when communicating with banks, insurance companies and estate agents. In almost all cases, these institutions will need to see the ‘grant of probate’ before they discuss transferring the relevant assets to your control. Essentially the document is the proof that the deceased has allowed you to deal with all of their affairs. Without it, you will be unable to fulfill the conditions set out in their Will.
Paul Walker’s Will is being acted on accordingly. In it he sets out that he wishes for his mother, Cheryl, to have guardianship over his daughter Meadow. Therefore his father undergoing the probate process and his mother seeking guardianship is not a shock, and entirely in line with the wishes of their son.
If the recent news about Paul Walker has made you start thinking about creating a Will, then you might want to explore the Saga Legal website. There you can find easy to understand definitions of all these terms, as well as much more detailed advice on a whole range of legal topics.