Seth Tobias seemed to have it all.  He was 44 years old, rich and had a fair amount of  fame.  He died last year on Labor Day in the pool of his $5 million home in Jupiter, Florida.  He was considered a hedge fund wiz and was frequently on CNBC discussing the stock market on its show called the Squawk Box.  He had built a company that at its peak was worth hundreds of millions of dollars

Seth had bad habits.  He was said to be a heavy drinker and rumored to use a fair amount of cocaine.  When he died, he was married to a woman to whom he was husband number four.  He had met her four years earlier at a Super Bowl party in San Diego; dated her off-and-on for two years; married her in 2005 after proposing on the telephone and eloping.

The police were frequently called to their home to separate them after fights.  At least one time, Mrs. Tobias spent the night in jail.  Mr. Tobias filed for divorce.  The divorce was almost finalized when they reconciled.  By that time, Mrs. Tobias was spending over $2,500 per month on a psychic.

Mr. Tobias’ brothers alleged that Mrs. Tobias drugged their brother on Labor Day because he was getting ready to divorce her.  However, Mrs. Tobias was never charged with murder.

Seth Tobias had done a will in 2004 leaving everything to his brothers, father and best friend.  By mid-October, 2007, Mrs. Tobias and her late-husband’s family were fighting it out in Palm Beach Gardens probate court.  At that time she was being investigated for poisoning him.  Under Florida law, she was the sole heir of his estate because they did not have any children together and because there was not a premarital agreement.

This week a settlement was reached.  Most observers think that Mrs. Tobias did very well.  His brothers get his investment business and $3.2 million.  The investment business is not thought to be worth much.  Mrs. Tobias gets to keep the house and it appears everything else.

The moral of the story: plan!  Seth Tobias should have entered into a pre-marital agreement.  He certainly should have updated his Will and or had a Living Trust prepared and have done additional estate planning. 

It is relatively easy to avoid messes in probate court, but it does involve contacting an estate planning attorney.  Please do not hesitate to call if I can be of assistance.  Otherwise, probate will ensue and the results often are not what you would have contemplated.