Hi Barbies! 馃憢
With the recent Barbie craze, we鈥檝e found ourselves wondering just how much Barbie鈥檚 estate would be worth鈥搕here鈥檚 the dream house, the beach house, the convertible, the speedboat鈥� the list goes on! So we estimated Barbie鈥檚 net worth and outlined tips and tricks to help Barbie plan her estate and distribute her assets.听
So if you鈥檙e like us and can鈥檛 get Kenough of Barbie, keep reading!
Valuing Barbie鈥檚 estate听
We鈥檝e done some digging to estimate the value of Barbie鈥檚 estate, and one thing is for sure, she鈥檚 well diversified! From her primary residence (the Barbieland Dreamhouse) to her many vacation homes, her numerous vehicles, and of course, her endless wardrobe, her estate is fairly complex.听
All things considered, we estimate that Barbie鈥檚 estate could be worth about $1.091 billion, based on fair market value. You go, girl! Continue reading to see the billionaire鈥檚 breakdown.听
Listing Barbie鈥檚 assets听
One of the most important aspects of estate planning is making a plan for how your assets will be distributed. You don鈥檛 need to list all of your assets (for Barbie, that would be impossible), but making a plan for those with high or sentimental value is good practice.听
So, let鈥檚 take a look at some of Barbie鈥檚 most prized possessions, their values, and tips for how she can include them in her estate plan.听
Barbie鈥檚 properties听
Barbie is a certified real estate tycoon. Dreamhouse? Check. Country Cabin? Yee-haw. Glam Getaway House? Of course.听
Sources estimate the value of Barbie鈥檚 properties to be a combined $17.88 million, with the most valuable being the Princess Castle at a whopping $5 million.听
We recommend that Barbie read our article 鈥�Guide to Estate Planning for Homeowners鈥�, so she understands how her properties will flow through her estate and determine how she wants them distributed through her will.听
Barbie鈥檚 vehicles听
Traveling from Barbieland to, well, anywhere else, is a long journey. So Barbie is equipped with vehicles for all terrain, including a convertible, speedboat, private jet, and of course, a cruise ship (for emergencies). The most valuable vehicle is of course the cruise ship, at an estimated $1 billion dollars. Impressive, Barbie.听
Similar to her properties, Barbie should include her vehicles in her will to make sure they鈥檙e distributed according to her wishes. If she has loans or debt on the vehicles, she can read more about what happens to your debt when you die.听
Side Note: Does anyone else feel the sudden urge to buy a pink Corvette? You鈥檙e not alone鈥搒earches for convertible Corvettes are , since the Barbie movie trailer was released.
Barbie鈥檚 pets
Barbie is known to love animals, including her puppy Taffy. We know that Barbie would want her pets taken care of after she鈥檚 gone, so there鈥檚 a few things she can do to make sure they鈥檙e protected:听
- Choose a pet guardian鈥揃oth Skipper and Stacie have puppies of their own, so they鈥檇 be great choices as guardians for Taffy.听
- Set money aside in a pet trust鈥揟o make things easy, Barbie can use the 91AV pet trust calculator to determine how much money she should leave in a trust for Taffy鈥檚 care.听听听
- Keep an up-to-date will鈥揃arbie is very generous, and it鈥檚 easy to believe that she鈥檒l acquire more pets over time. By keeping her will up-to-date, she can make sure they鈥檙e all taken care of.听
Barbie鈥檚 clothing and accessories
Barbie鈥檚 wardrobe is infinite, so it would be impossible for her to itemize all of her clothing and accessories in an asset list. Rather, we recommend she make plans to gift the most valuable or sentimental items, and have the rest distributed with her estate.听
Barbie can read more about leaving gifts in her will in our article 鈥�All About Specific Gifts In A Will鈥�.听
How much does Barbie make?听
Barbie has many different careers, so it鈥檚 hard to nail down what her income and earnings would be from her various jobs. Despite her career success, her income may also be a drop in the bucket compared to the value of her personal brand.听
Barbie鈥檚 personal brand value听听
Barbie is the original influencer鈥揾er influence and empire has spanned generations and it鈥檚 easy to believe that her brand value could be worth billions. In addition to her tangible assets and income from her many careers, her brand value would encompass:听
- Licensing deals for her likeness and name
- Income from current and future films and TV series
- Most importantly, the value of her brand and image itself, which has significant influence around the world
It鈥檚 almost impossible to estimate the value of Barbie鈥檚 personal brand, so we鈥檙e categorizing it as 鈥榠nvaluable鈥�.听
So is Barbie a billionaire?听
Move over Kylie and Rihanna, there鈥檚 a new it-girl billionaire in town! Here鈥檚 our final breakdown of Barbie鈥檚 $1.091 billion estate:听
Estate planning tips for Barbie听
Now that we have the breakdown of Barbie鈥檚 estate, let鈥檚 take a look at some of the estate planning tips and tricks that could help protect her, her loved ones, and her estate.听
Where does Barbie live?听
Other than Barbieland, we鈥檝e never known exactly where Barbie lived鈥搖ntil her , that is!
If Barbie becomes a full-time resident of California, she should create her will in California, because the place where she resides when she dies will dictate the location of her estate. This location is important because it determines what fees her estate will be subject to. For example, most wills in Canada go through probate, and probate fees vary by province.听
Understanding Barbie鈥檚 marital status
Barbie and Ken may be boyfriend-girlfriend, but most countries don鈥檛 recognize BF/GF as a legal relationship status (we received 鈥榥o comment鈥� from Ken and Barbie on this matter).听
In most jurisdictions, your relationship status can be either 鈥榮ingle鈥�, 鈥榤arried鈥�, or 鈥榗ommon law鈥�. The definition of common law varies, for example in Ontario, couples are considered common law if they鈥檝e lived together for at least three continuous years.听
Are Barbie and Ken common law?听
The Barbie movie left some aspects of Barbieworld up to our imagination, including where all of the Kens live (is it like a shared compound? A ken-filled dormitory?). So we don鈥檛 know if Barbie and Ken meet the cohabitation criteria for common law, but their relationship has endured since his introduction in 1961, so鈥et鈥檚 go with common law.听
As common law, any property that Barbie owns by herself, like the dreamhouse, would be considered 鈥榮old鈥� on the date of her death. Her estate would then be responsible for the hefty capital gains taxes on her secondary properties, which would also be considered sold.听
Barbie could avoid these taxes if she jointly owned the properties with Ken and he survived her. Can you say, Mojo Dojo Casa House?听
What if Barbie gets married?听
If Barbie were to seal the deal with marriage, it would impact the way her estate is distributed upon her death. We recommend she reads our article 鈥�Everything You Need To Know About Inheritance Law鈥� to understand how her estate would be inherited by a spouse.听
Making a will for Barbie
Some of the most important decisions when creating a will are choosing people for the important roles, like executor and power of attorney. Here鈥檚 who we think Barbie should (and would) pick for these roles.听
Who would be Barbie鈥檚 executor?听
Of the many iterations of Barbie, there are some standout choices for the important role of executor.听
Top pick for executor: Lawyer Barbie听
Lawyer Barbie would be a great choice for an executor because she鈥檚, well, a lawyer. She would understand the nuances of the executor role and be equipped to make important decisions when needed.
Runner-up for executor: Weird Barbie听
Call us crazy, but we鈥檙e choosing Weird Barbie as runner-up for executor. She may often be in the splits, but she鈥檚 also logical, realistic, and is a sounding board for all Barbies that go through tough times.听
Honourable mentions for executor: President Barbie, Judge Barbie听
Just some morally-capable and ethical Barbies.听
Who would be Barbie鈥檚 beneficiaries?听
Barbie鈥檚 generosity means that in addition to her beneficiaries, she may want to leave money to charities that are important to her. We recommend she reads our article 鈥�All About Legacy Gifts鈥� and then includes these plans in her will.听
Who would be Barbie鈥檚 power of attorney?
Our top pick for Barbie鈥檚 power of attorney would have to be Doctor Barbie. Although it鈥檚 not essential for a POA to have medical experience, it can be helpful, given they鈥檙e responsible for making healthcare decisions if you鈥檙e unable to make them yourself.听
Other important roles for Barbie to consider听
Barbie doesn鈥檛 currently have any children, so she doesn鈥檛 need to worry about appointing a guardian for minor children in her will. If that were to change, we鈥檇 recommend she include this important information in her will.听
鈥�
Now that we鈥檝e valued Barbie鈥檚 eccentric estate and outlined some tips and tricks for her estate plan, it鈥檚 easy to see how estate planning can get tricky without the right tools. With 91AV, you can create an online will in just 20 minutes, no lawyer needed.听
So, are you ready, Barbie?听
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