Entertainer left behind $150,000 in assets but there were suits filed against it.
Entertainer David Cassidy filed for bankruptcy in 2015. However, his case was dismissed without discharging the debt to a law firm and that firm is now suing his estate, according to the Daily Mail in “David Cassidy’s estate is sued for $102,000 by law firm for five years of unpaid legal bills – putting $150,000 worth of assets in peril.”
Most of his estate is willed to his son but his daughter actress Katie Cassidy was cut out of the will.
A law firm that had previously sued Cassidy in 2013 for unpaid legal bills and won filed a suit against the estate. Cassidy had paid some of the judgment against him to the law firm but still owed $102,000.
This highlights an important legal point in estate law. This is because most people will pass away with some form of debt.
Almost all debt must be paid by the estate, before distributing any assets to heirs.
That is unfortunate for Cassidy’s son, because the total debt plus the legal fees associated with defending against the lawsuit will likely leave the estate with almost nothing.
Whenever an estate owes more debt than it has in assets, the heirs to the estate will inherit nothing.
