Pro-wrestling legend Hulk Hogan famously asked opponents one question before delivering a pummeling: “Whatcha gonna do when Hulkamania runs wild on you?”
Following his death in July, a potential wrestling match over his estate raises another question: “Whatcha gonna do to ensure your family doesn’t fight over your money when you die?”
Trending Now
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how
- I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAP
When he died at age 71, Hogan (real name Terry Bollea) was living with his third wife, Sky Daily, at his $11.5-million mansion in Clearwater, Florida. He had two children from his first marriage: estranged daughter Brooke and son, Nick.
According to WealthManagement.com, Hogan likely held his $25-million in assets in trust to shield them from probate court, creditors and prying eyes — all to the advantage of beneficiaries.[1]
But a trust doesn’t prevent conflict among heirs nor eliminate the need for a will — a lesson in estate planning that everyone should heed.
Estate-a-mania running wild
Arguably the most famous pro wrestler of all time, Hogan made millions in the pro-wrestling boom of the 1980s and ‘90s and brought unprecedented exposure to the industry with appearances on The Tonight Show, Saturday Night Live, multiple films and even the cover of Sports Illustrated.
He invested his wealth. In recent years, he launched Real American Beer and set up a restaurant and merch store in Clearwater. Florida-based estate expert June Frederiksen told The Sun that Daily is entitled to at least 30% of her husband’s estate under Florida state law— even if she isn’t named in the trust. [2]
Read more: Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
Meanwhile, TMZ reported that Hogan’s daughter Brooke asked to be removed from her father’s will in 2023, the year he married Daily, reportedly anticipating a bitter estate war. [3]
Still, any beneficiary could launch a court battle if Hogan didn’t keep his trust updated or omitted any assets. The uncertainty surrounding Hogan’s estate — and a potential feud over his assets — is a case study in how complicated estate planning can be.
Americans need a primer on wills, trusts and probate
A 2024 study by the estate planning firm Trust & Will estate revealed that many Americans are unaware of what is involved in end-of-life estate planning. [4]
CEO Cody Barbo told Investment News that this is of grave concern as a surge of baby boomers pass on assets to heirs in what has been dubbed “The Great Wealth Transfer.”
The study revealed that:
- 35% of Americans think inheritance is automatic; another 17% weren’t sure. It isn’t.
- only 65% of Americans knew the definition of probate, the process of legally validating and administering a person’s will.
- 56% didn’t know that the probate process can cost up to 7% of the value of an estate, e.g., upwards of $52,500 in fees on a $750,000 estate.
This lack of awareness is costly on a number of levels, Barbo said, warning that in the coming years: “Millions of Americans will be plunged into the long, expensive, and emotionally draining process of probate.”
How to avoid family feuds
The best way to avoid feuds [5] and state interference in your estate is with a “a meticulously detailed and legally sound will,” Werner Law Firm advises. [6]
Werner Law recommends adding a “no contest” clause to trusts and wills, which essentially means that challenging your wishes could lead to a forfeit of inheritance.
Even if you already have a trust, it’s a good idea to have a will as well. A Pour-Over Will complements a trust by ensuring that “anything a person owns outside of their trust — as well as anything that is subject to their last will — will be paid to your trust at the time of your death.”
There are other actions you can take to ensure your wishes are met with as little fuss as possible after you’re gone.
Mary Randolph, attorney and author of The Executor’s Guide: Settling a Loved One’s Estate or Trust, 8 Ways to Avoid Probate, suggests. [7]
- keeping all estate-related documents updated;
- making your final wishes known ahead of time to avoid surprises or friction between loved ones;
- and offering guidance on the specific division of any meaningful assets.
Wilson Law Group adds that you should confirm the beneficiary designations of your life insurance and retirement accounts to ensure they match the directives in your will or trust. That’s because “In most jurisdictions, the name listed on the beneficiary designation form will trump whatever the will or trust states.”
And Legal Reader offers a host of suggestions, including liquidating real estate and other non-cash assets and then dividing the money among the heirs, which they say will “simplify the distribution process tenfold.”
Of course, it’s best to speak to a qualified legal professional to determine which course of action works best for you and your heirs.
What to read next
- Goldman Sachs says this asset class is behaving more like Manhattan real estate than oil — and here’s how ‘opportunistic’ buyers can get in before its price keeps skyrocketing
- The ultrarich monopoly on prime US real estate is over — use these 5 golden keys to unlock passive rental income now (with as little as $10)
- This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchase. Here’s how to buy the coveted asset in bulk
- Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.
Article sources
At Moneywise, we consider it our responsibility to produce accurate and trustworthy content people can rely on to inform their financial decisions. We rely on vetted sources such as government data, financial records and expert interviews and highlight credible third-party reporting when appropriate.
We are committed to transparency and accountability, correcting errors openly and adhering to the best practices of the journalism industry. For more details, see our editorial ethics and guidelines.
[1]. Wealthmanagement.com The retirement confidence crisis
[2]. The Sun Hulk Hogan’s ‘$25 million’ will could spark family feud as new wife Sky ‘to rake in at least 30%’ of fortune
[3]. TMZ Sports Brooke Hogan asked to be taken off Hulk’s will
[4]. Trust&Will The state of probate in America
[5]. American Bar Association Introduction to Wills
[6]. [Werner Law]https://wernerlawca.com/how-do-you-stop-family-fights-over-inheritance/#:~:text=By%20passing%20assets%20via%20a,where%20the%20assets%20came%20from ) How do you stop family fights over inheritance
[7]. Nolo.com Avoiding fights over your estate
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Related Posts
