A world renowned author of American literature, Tom Clancy, passed away last year leaving an estate behind. Clancy is best known for his thriller novels like "The Hunt for Red October." Several of Clancy's books were later turned into movies. Upon his death he left behind many assets to be valued. Sadly, his Maryland home was involved in an arson last week.
The loss of Clancy's home was catastrophic. The reports detail the house sustained $149,000 in damage. Two young boys admitted to starting the blaze that torched the home. It has not yet been one year since Clancy's passing and it's possible that his assets were still being valued and divided.
Estate planning is something that can begin long before a person's death. It is best to plan early, especially for larger estates. The more complicated the estate, the longer the valuation of assets could take. Estate planning is merely a contract that lays out how you would like your assets to be divided after death. It is executed by an estate executor.
It is very sad to hear of the loss of the property of one of America's greatest novelists. Certainly there is more to be missed than just the monetary value of his estate. Charges are pending for the two boys who are accused of the crime. Hopefully the estate executor can guide the recipients of the estate to a favorable outcome after this unfortunate crime in all likelihood diminished the value of the estate quite a bit.