When it comes to the lives of celebrities, a lot of sensational journalism is nothing more than that. However, in some cases, we can learn from the mistakes and successes of the rich and famous stars. For example, as the nation is coming to terms with the tragic loss of comedian Robin Williams, there may be some details coming to light regarding how he organized his estate for his heirs, and these details could be helpful to others who are in the process of organizing their own estates.
It is hard to deal with any death, no matter the cause. Robin Williams did not leave any kind of suicide note for his family members -- at least none that has been publicly reported. However, he did leave something that is far more important from a financial perspective. According to news reports, Williams' estate and finances were left in good order for his heirs, particularly with regard to his children.
Dispensed His Children's Inheritance Before His Death
In 2009, the actor created three trust funds for his children, who are currently aged 31, 25 and 22. Trust documents state that at 21 years of age, each child will receive one third of the money in their respective trusts. At 25, they will receive half of the remaining funds. At 30, they will receive the rest. Interestingly, the trust funds were created in a way that did not depend on Williams' death, so some of the funds have already been disbursed and the eldest child has already received the money in full.
Did Robin Williams set up these trusts because of past divorces? He went through several difficult and costly divorces in his years. His previous divorces cost him over $30 million in settlements. Perhaps he created these trusts for his children in order to protect them from having their inheritances diminished as a result of another divorce in the future.
Williams' Children Have Benefitted from His Foresight
There are a lot of things to think about during the estate planning process, and it seems that Robin Williams considered some of the more important ones and found solutions to them in advance of his death. There will likely be a great deal more to resolve in his estate, such as the sale of property holdings and the liquidation and dispensation of further assets to his heirs. Legal arguments could be forthcoming; however, as far as his children are concerned, it appears that the actor left them well taken care of through the trusts he created.
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