A singer and songwriter with a long and successful musical career, Lou Reed died with a gorgeous New York Last Will. We know all of this because last wills are filed with the Probate Court, which makes them public. We, the general public, when there is a probate (and a last will is produced) can access the last will.
In the case of Reed, we know that there are assets of approximately $10 million, set aside for Reed’s wife and sister, along with $500,000 left to his sister for her to use for the care of their 93-year old mother, in her discretion, and the residuary estate to be divided between Reed’s wife and his sister. We know a lot.
So, what ca welearn from Reed’s estate plan?
Welearn that wecan keep our estate matters private with a trust. A revocable living trust, when property used, may avoid probate court entirely as well as keep the family’s affairs private and away from a probate filing. A will is probated and therefore public. A trust is a private document, not recorded or filed anywhere.
So while Reed didn’t mind to “take a walk on the wild side,” wecan certainly learn to protect our assets as well as our privacy with a well though out trust. It’s fun to be a rock and roll and an estate planning rebel, until it’s not.
If you need more information, our firm is here to help.
Call (954) 832-0885 today to schedule a free initial consultation with our South Florida lawyers.
With over 50 years of combined experience, our probate, estate planning, real estate, elder law and asset protection attorneys provide peace of mind for our clients throughout South Florida.
