As Texas residents and the rest of the nation come to grips with the unfortunate death of Robin Williams, many are left with numerous questions that will be impossible to answer. However, in terms of the way Williams organized his estate for his beneficiaries, we can admire his foresight. Indeed, it seems that wealthy individuals around the country could have something to learn from him.
As far as news reports are concerned, Williams did not leave a suicide note for his loved ones or for the public. Nevertheless, he did leave his children a well-organized estate from an estate-planning perspective. In 2009, Williams drafted three trust accounts for his children to ensure that they would be well cared for financially after his death.
The trust accounts transferred Williams’ assets to his children, who are aged 22, 25 and 31. As per the trust documents, the children were to receive their first payment of a third of the trusts’ value when they reached 21 years of age. At 25, they would receive the next third. At 30, they would receive the final third. Due to the current ages of the children, and the fact that the trusts did not depend on the actual death of Williams, the children have already received some or all of their disbursements, depending on their ages.
It might seem like there are an endless number of options to consider when creating an estate plan. Indeed, when it comes to the flexibility of trust documents, virtually any type of trust plan can be organized for one’s heirs and beneficiaries. Nevertheless, a detailed review of one’s financial situation, family situation, goals and needs will ultimately reveal the best strategy and style to employ for the average Texas resident’s estate.
Source: Yahoo Celebrity, “Robin Williams Set Up A 3-Part Trust Fund For His Kids Amid Money Troubles Before Death“, Aly Weisman, Aug. 12, 2014