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If OJ Simpson assets go to court, families of victims would have priority

If OJ Simpson assets go to court, families of victims would have priority

OJ Simpson He died on Thursday without having paid a good part of the US$33.5 million awarded by a California civil jury to the relatives of his ex-wife Nicole Brown Simpson and Ron Goldman, a friend of the woman.

Exonerated in a criminal trial, Simpson was found by jurors in 1997 responsible for wrongful death following a civil suit.

Now the public will get a closer look at Simpson’s finances. And families will be more likely to collect, if there is anything left as an inheritance.

Next, data on what could happen in the coming months.

testamentary process

Whether or not Simpson has written a will and regardless of what it says, his assets will almost certainly go through what is known as a probate process in court before his four children or other heirs can keep any assets. .

Different states have different probate laws. Generally, the case is filed in the state where the deceased person resided. In Simpson’s case, it’s Nevada.

But if there are significant assets in California or Florida, where he also lived at various times, different cases could arise there.

Nevada law indicates that an estate must go to court if its assets exceed $20,000 or if any real estate is involved. And this must be done within the first 30 days after death.

If a family does not present documents to the court, the creditors themselves can begin the process.

Reinforced arguments after death?

Once the case goes to court, creditors can seek a share of the assets. The Goldman and Brown families will not be on equal footing with other creditors and will likely have a stronger claim.

Under California law, creditors who have a judgment lien, such as plaintiffs in wrongful death cases, have security for debt repayment. They therefore have priority over those with unsecured debt.

And they are in a better position to receive their payment than they were before the defendant’s death.

Arash Sadat, a Los Angeles attorney who specializes in property disputes, said: 100% better” for the plaintiff that the debtor has died and that the money is in a probate process.

He added that his office handled a trial in which his clients obtained a judgment of 9 million dollars, appealed by the debtor and postponed on numerous occasions.

“He did everything he could to avoid paying this debt.”Sadat said. “Three or four years later, he passed away. And within weeks, the heirs delivered a check for 12 million dollars, the 9 million plus interest that had accumulated during this time.”

The executor has a greater incentive to resolve debts than the person is alive.

“That’s why you see these things happening more,” Sadat said. But of course, this does not mean that a payment is coming.

“Yes, I think it will be somewhat difficult for them to receive this,” said attorney Christopher Melcher. “We don’t know how much OJ has been able to earn in recent yearsyes.”

Neither Sadat nor Melcher are involved with Simpson’s estate or the court case.

What assets does Simpson have?

Simpson said he lived off his pensions, private and from the NFL. Hundreds of valuable belongings were seized as part of the jury’s ruling.

And the former American football star was forced to auction off his Heisman Trophy, raising US$230,000.

Fred Goldman, Goldman’s father and the lead plaintiff, said the issue was never about the money, but rather holding Simpson accountable. In a statement Thursday, he said that with Simpson’s death, “hope for true accountability is gone”.

What about trusts?

There are ways a person can use trusts established during their lifetime, as well as other methods, to ensure that their chosen heirs receive assets upon death. If that trust is irrevocable, it can be especially strong.

But transfers of assets to others, made to avoid creditors, can be considered fraudulent. And whistleblowers like the Goldman and Brown families can file separate civil lawsuits that include those assets in the dispute.

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Source: Gestion

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