What Can We Learn From Freddy Mercury? Insights into Estate Planning

This past week, an auction of 59 of Freddy Mercury’s ‘clutter’ fetched $20M, sending me down an internet rabbit hole, but Don’t Stop Me Now! (can’t help it, people!!) The legendary Mercury passed away in 1991 at the age of 45 with a net worth of around $30M and decent legal advice. The Champion drafted a highly detailed last will, including a testamentary trust (a trust created in the last will) addressing his future royalties and provisions for his cats. The main beneficiary was Mary Austin, Mercury’s former lover, close friend, and lifelong confidante, which caused deep resentment from his friends and former bandmates.

Key Takeaways:

• Importance of Estate Planning: Discover insights from Freddy Mercury’s last will, emphasizing the significance of proper estate planning.
• Testamentary Trusts: Learn about testamentary trusts and their role in estate planning, including provisions for future royalties and beneficiaries.
• Privacy Protection: Explore how living trusts could have protected Mercury’s privacy and shielded beneficiaries from potential conflicts.

A very shy and private person, Freddie Mercury’s last will and testament was probated and became a matter of public record, giving us clear insight into his finances, properties, and how much money his heirs inherited. Mercury was Under Pressure and didn’t have the luxury of time when he created his estate plan. He worked with some of the world’s top attorneys (at the time LOL), but his health was deteriorating quickly, and he executed his last will just a month before his passing.

Further Explanation:

• Testamentary Trust vs. Living Trust: Understand the differences between testamentary trusts and living trusts and their respective functionalities in estate planning.

So, what can we learn from the Great Pretender? We can learn that proper estate planning can take a bit of time. Mercury could have benefited from living trusts (trusts that are created AND FUNDED when someone is alive) to protect his and his beneficiaries’ privacy. A more robust plan could have also protected his beneficiaries from each other, and Mary Austin could have potentially been shielded from the ire and resentment of the other members of Queen.

So, there we have it. We learn that Queen is one of my favorite bands and that it’s never too early to start planning your estate, but sometimes it can be too late. And, we can ask ourselves, Who Wants to Live Forever?

We made it to September of 2023! The summer has flown by, and the office is super busy with real estate work, estate planning, probates, and contracts, all the stuff that makes us happy!

And while lawyering is fun, it’s not the only thing filling out time. We’re also keeping up with all the wakadoo celebrity gossip. We love what we love!