LOS ANGELES (AP) — O.J. Simpson died on Thursday Without paying most of the $33.5 million verdict a California civil jury awarded to the family of ex-wife Nicole Brown Simpson and her friends. Ron Goldman.
Simpson, who was acquitted in a criminal trial, was found liable by a jury in a 1997 wrongful death lawsuit.
The public will know more about Mr. Simpson's finances, and his family will be better able to collect what they have to collect.
Here's how the next few months will unfold.
Probate procedure
Regardless of whether he left a will and what that document says, Mr. Simpson's assets will remain in court before his four children and other potential heirs can collect them. It will almost certainly have to go through the probate process.
Different states have different probate laws. Typically, a lawsuit is filed in the state where the person lived at the time of death. In Simpson's case, that's Nevada. But if the key assets were in California or Florida, where he lived at various times, other cases could arise there.
Under Nevada law, if the assets exceed $20,000 or if real estate is involved, the lawsuit must be filed with the court and must be filed within 30 days of death. If the family fails to provide documentation, the creditor can initiate the process himself.
Will the claim at the time of death become stronger?
Once a trial begins, creditors who claim they owe you money can claim a portion of your assets. The Goldmans and Browns are at least on par with other creditors, and will probably have a stronger claim.
Under California law, creditors with judgment liens, such as plaintiffs in wrongful death cases, are considered to secure the debt and have priority over creditors with unsecured debts. And they are in a better position to receive compensation than they were before the defendant's death.
Arash Sadat, a Los Angeles lawyer who specializes in property disputes, says it is “100 percent” better for claimants to let the debtor die and have the money go through probate.
He said his firm held a jury trial in which a client won a $9 million jury award, but the debtor appealed and the case was delayed indefinitely.
“He did everything possible to avoid paying this debt,” Sadat said. “Three or four years later, he passed away, and within a few weeks, the estate cut him a $12 million check. That's the $9 million I earned this time, plus interest.”
The executor or administrator of an estate has a much stronger incentive to forgive debts than the living person. “That's why things like this are happening,” Sadat said.
But of course that doesn't mean the payment will be made immediately.
“I think it's going to be pretty difficult for them to collect that,” attorney Christopher Melcher said. “I don’t know how much profit OJ has been able to make over the years.”
Neither Mr. Sadat nor Mr. Melcher are involved in Simpson's estate or litigation.
What assets did Simpson have?
Simpson said he lives off only the NFL and his private pension. Hundreds of valuable items were confiscated as part of the jury award, and Simpson's Heisman Trophy was auctioned off for $230,000.
goldman's father fred goldmanThe lead plaintiff has always said the issue was never about money, but simply about holding Mr. Simpson accountable. And in a statement Thursday, he said: simpson death“Hope for true accountability is over.”
What about trusts?
There are ways for people to use trusts established during their lifetime and other ways to ensure that their chosen heirs receive their assets after they die. Such trusts can be particularly strong if they are irrevocable.
However, transfers of assets to others to avoid creditors would be considered fraud, and claimants such as the Goldmans and Browns could file separate civil lawsuits contesting those assets. .