Caitlyn Jenner has broken her silence on O.J. Simpson dying.
Caitlyn Jenner offers blunt, two-word response after OJ Simpson's death: “Good Riddance” pic.twitter.com/FFFLkCjTW5
— Daily Loud (@DailyLoud) April 12, 2024
It has been noted that OJ Simpson passed away on Thursday without having paid the lion’s share of the $33.5 million judgment a California civil jury awarded to the families of his ex-wife Nicole Brown Simpson and her friend Ron Goldman via AP News.
Acquitted at a criminal trial, Simpson was found liable by jurors in a 1997 wrongful death lawsuit. The public is now likely to get a closer look Simpson’s finances, and the families are likely to have a better shot at collecting — if there is anything to collect.
The Probate Process
Regardless of whether Simpson made a will or not, and regardless of what it states, his assets will most likely need to go through the court system’s probate process before any of his four children or other designated heirs can make a claim to them.
Probate laws vary from state to state. Typically, the lawsuit is brought in the state where the deceased resided at the time of their passing. For Simpson, that would be Nevada. However, distinct cases may arise in Florida or California, where he also resided at different points in time, if substantial assets are located there.
It has been noted that the Nevada law stated that an estate must go through the courts if its assets exceed $20,000, or if any real estate is involved, and this must be done within 30 days of the death. If a family fails to file documents, creditors themselves can begin the process.
Stronger claim in death?
It has been noted that the case is in court and creditors who say they are owed money can then seek a piece of the assets. The Goldman and Brown families will be on at least equal footing with other creditors, and will probably have an even stronger claim.
Under California law, creditors have been holding a judgment lien like the plaintiffs in the wrongful death case are deemed to have secured debt, and have priority over creditors with unsecured debt. And they are in a better position to get paid than they were before the defendant’s death.
Arash Sadat, a Los Angeles attorney who specializes in property disputes, says it is “100%” better for the claimant to have the debtor be deceased and their money in probate.
He said his firm had a jury trial where their clients got a $9 million jury award that the debtor appealed and delayed endlessly.
”He did everything he could to avoid paying this debt,” Sadat said. “Three or four years later, he died. And within weeks, the estate cuts a check for $12 million. That’s the $9 million plus interest that I had accrued over this time.”
The executor or administrator of the estate has much more of an incentive to dispense with debts than the living person does. “That’s why you see things like that happening,” Sadat said. But of course that doesn’t mean payment will be forthcoming.
“I do think it’s going to be quite difficult for them to collect,” attorney Christopher Melcher said. “We don’t know what O.J. has been able to earn over the years.”
Neither Sadat nor Melcher is involved with the Simpson estate or the court case.
OJ Simpson’s assets
It has come to light that Simpson stated that he lived only on his NFL and private pensions. Hundreds of valuable possessions were seized as part of the jury award, and Simpson was forced to auction his Heisman Trophy, fetching $230,000.
Meanwhile, Goldman’s father Fred Goldman, the lead plaintiff, said the issue was never the money, it was only about holding Simpson responsible. And he said in a statement Thursday that with Simpson’s death, “the hope for true accountability has ended.”
Trusts
There are several ways through which a person can ensure that their chosen heirs receive their assets after their death. One such method involves the creation of trusts during their lifetime, which can be particularly effective if the trust is irrevocable.
However, it is important to note that transferring assets to others in order to avoid paying creditors can be considered fraudulent. In such cases, claimants like the Goldman and Brown families may file separate civil lawsuits to challenge the transfer of assets and bring them into question.
