Why Matthew Perry Only Had $1.5 Million in the Bank at the Time of His Death: A Legal Expert ExplainsLiza Esquibias is an Editorial Intern at PEOPLE. She is a rising senior majoring in Journalism at Pepperdine, where she is the editor-in-chief of the school's magazine.star left behind $1.5 million in his personal bank account. This number was seemingly small to many, given Perry’s success in the entertainment industry, and questions have arisen about where his money has gone.
The rest of Perry’s wealth was likely already put in his trust — called the “Alvy Singer Living Trust,” which is seemingly named after Woody Allen’s character in“The reason why we use trusts as opposed to wills is that trusts also avoid probate, and probate is a court-supervised transfer of assets, and probate is public,” Forster says.When personal property, such as cash, is left in the deceased person’s name, it needs to be transferred to their trust and distributed by beneficiaries.
“When we're typically doing an estate plan with a will and a trust, the will simply leaves assets to the trust,” he explains. “You would fund during your lifetime. The will would be kind of like a catch-all, where if there are any assets owned by the person when they pass away, the will is directed to transfer those assets into the trust.”This is why Perry’s will showed he owned no “real property” even though PEOPLE has confirmed he owned two homes when he died.
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: WGAL - 🏆 331. / 59 Read more »