We have talked about trusts as a useful tool when it comes to estate planning in Florida. Although it can (and should) be used by individuals at any wealth level, it is especially useful and important when you have the riches of, say, Robin Williams. Although most of our readers have heard about the tragic end to his life in August of this year, we just recently learned that there will be a positive outcome to the distribution of his estate.
According to People.com, Williams signed a will on Jan. 31, 2011. That was the same year he married his wife Susan Schneider. According to his will, the two had a prenuptial agreement established. In the will, Williams’ executor has been directed to fulfill his obligations under that agreement.
Williams also had three children, ages 31, 25, and 22. He reportedly set up a trust fund named Robin Williams Trust in order to give his “entire estate” to them. Documentation from 2009 apparently shows that the funds were to be distributed in several stages. They would each get a third of their share at age 21, then half of what remains at 25, and the final distribution at age 30.
Although the famed actor took his own life at the age of 63, leaving his family devastated, through his estate plan, he has hopefully taken some stress off them as they deal with his loss. After his death, reports came out that Williams was battled depression and anxiety and also had early stages of Parkinson’s disease.
Source: People, “Robin Williams Left Fortune to His Children and Wife,” Nov. 13, 2014