Goldman, Brown families may be first in line for OJ assets

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LOS ANGELES – OJ Simpson died Thursday without paying his share of the $33.5 million judgment a California civil jury awarded to the families of his ex-wife Nicole Brown Simpson and her friend Ron Goldman.

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Simpson, who was acquitted in a criminal trial, was found guilty by a jury in a 1997 wrongful-death lawsuit.

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Now the public can get a closer look at the Simpsons' finances, and families have a chance to collect if there's anything to collect.

Here's how the next few months might play out.

PROBATE PROCEEDINGS

Regardless of whether or not he left a will, and whatever that document says, Simpson's assets must go through what's known as a probate process in court before his four children or other heirs can collect any of them.

Different states have different probate laws. Generally, the case is filed in the state where the person was living at the time of death. In Simpson's case, it's Nevada. But if significant assets are in California or Florida, where he lived at a different time, personal affairs may arise.

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Nevada law says that if his assets exceed $20,000 or involve any real estate, the estate must go through probate and it must be done within 30 days of the death. If the family fails to submit the documents, the creditors can start the process themselves.

A DEATH PUPPY?

Once the case is in court, creditors who claim to be owed money can seek a portion of the assets. The Goldman and Brown families would be at least on par with other creditors and would have stronger claims.

Under California law, creditors who hold a judgment lien, such as plaintiffs in a wrongful death lawsuit, are considered to have a secured debt and have priority over creditors with unsecured debts. And they are in a good position to get paid before the defendant dies.

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Los Angeles estate attorney Arash Sadat says it's “100%” better for a claimant to have the debtor die and have their money in court.

He said his firm had a jury trial where their clients received a $9 million jury award that was appealed and delayed indefinitely by the debtor.

“He did everything he could to avoid paying that debt,” Sadat said. “Three or four years later, he died. Within weeks, the estate would cut a check for $12 million. That's $9 million plus the interest I've earned over that time.”

An executor or estate administrator has more incentive to waive debts than a living person. “That's why you see these things happening,” Sadat said.

But, of course, this does not mean that payment is imminent.

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“I think it's going to be very difficult for them to collect,” said attorney Christopher Melcher. “We don't know what OJ was able to find over the years.”

Neither Sadat nor Melcher are involved in the Simpson estate or the lawsuit.

WHAT ASSETS DO THE SIMPSONS HAVE?

Simpson said he only lives on his NFL and personal pension. Hundreds of valuables were confiscated as part of the jury's award, and Simpson was forced to auction off his Heisman Trophy, which he bought for $230,000.

Goldman's father, Fred Goldman, the lead plaintiff, said the issue was never about money, just about holding Simpson accountable. He said in a statement Thursday that with Simpson's death, “any hope for real accountability has ended.”

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WHAT ABOUT BELIEFS?

There are ways a person can use trusts established during their lifetime and other methods to make sure their chosen heirs receive their assets when they die. If such a trust is irrevocable, it can be especially powerful.

But transferring assets to others designed to avoid creditors could be considered fraud, and suitors like the Goldman and Brown families could file separate civil lawsuits that would put those assets in dispute.

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