Epstein signed a will two days before he succeeded in his second suicide attempt that seeks to place all of his assets into a secret trust. The probate court has yet to decide what to do about the trust and the claims made against the estate.
Epstein’s will, which is a public document, claimed assets of more than $577 million. The trust, which is a “pour-over will” that seeks to transfer all of his assets into a trust, was filed in the U.S. Virgin Islands. There are a number of legal issues that remain unresolved.
None of his assets can be moved into the trust, until a probate court decides what to do with the numerous claims made against the convicted sex offender and his estate.
CBS News’ recent article, “What we know about Jeffrey Epstein's will, and what happens next with his estate,” provides a list of questions that can help explain what happens next with Epstein's estate. His estate will be overseen by the two executors named in the will, attorneys Darren K. Indyke and Richard D. Kahn.
The terms of the trust are not public, because they’re not part of the will itself. Epstein's creation of the trust is commonly done by those who desire privacy. Of course, there is some surprise because the will and the trust were created just two days before he died. One of the most intriguing parts of Epstein's will is that it lists his domicile (his permanent residence) as the U.S. Virgin Islands. Domicile is important in determining which jurisdiction controls the estate. Domicile must be proven in a probate court, and is usually accomplished with tax returns, a driver’s license, or documented time spent in the jurisdiction.
Another question about Epstein's will, is whether it will even be declared valid. His will, and thus his entire trust, can be held invalid, if the will wasn’t properly executed and if it wasn't properly witnessed or signed. There can’t be any fraud, undue influence, or duress. Since the will was made right before his suicide, there’s no certainty of his mental capacity.
His testamentary capacity, which means his mental ability make a valid will or estate, will probably be decided by a probate judge. If his estate planning documents are voided, the assets would transfer to the beneficiary of the estate, which is his brother Mark Epstein. However, Mark would still be liable for creditors' claims and any alleged victims' lawsuits.
Before the assets pass from his estate into the private trust, all creditors’ claims must be satisfied in probate court.
With many different factions competing for the assets and a number of legal issues, this case could take as long as ten years to be resolved.
Reference: CBS News (August 21, 2019) “What we know about Jeffrey Epstein's will, and what happens next with his estate”
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