Robin Williams touched the lives of generations, and his tragic death was the first time he made his audience devastatingly and deeply sad, in place of the usual belly-laughs he could so easily evoke. Aside from drawing attention to mental health and addiction issues, his death is another reminder to all of us to have our estate planning ducks in a row.
It is not entirely clear how much Williams left behind for his heirs. He was reportedly worth around $130 million two years ago, but recent estimates have pegged his net worth at $50 million. Any guesses about his net worth would only take into account a part of his estate anyway. For example, his net worth does not factor in life insurance. Notably, in most cases life insurance policies do not pay out for suicide. Some life insurance policies will if the suicide happened more than two years after the policy was issued, but any recent life insurance policies from the last year or two would likely be void.
Fortunately, Williams set up some sound estate planning documents. It appears that Williams had at least two Trusts set up. The first trust allegedly holds Williams’ valuable pieces of real estate. Real estate holding trusts, when made irrevocable, and used properly, can often keep real estate outside of a person’s taxable estate. The second trust reportedly names Williams’ three children as beneficiaries, splitting their trust funds into equal distributions.
Wisely, Williams took advantage of sophisticated estate planning to protect his loved ones. If nothing else, the trusts work to safeguard privacy for Williams and his family. When used properly, trusts help avoid probate court and keep their affairs private.
While you may not need an estate plan quite as sophisticated as the one Williams used, a trust is for anyone who wants to help the family members avoid the publicity, cost, and stress of probate court, and can also be used to manage assets for beneficiaries who may not be ready to manage for themselves. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.