Fans of late actor Robin Williams may be interested to learn the fate of his two United Kingdom homes and other assets. Although Williams was reported to be worth $130 million in 2012, that number may have changed significantly as a result of his two divorce settlements. In an interview, Williams reportedly said that he was close to bankruptcy and had made a return to TV in order to “pay the bills.” Williams’ publicist, however, has said that those comments were not serious and he was in no financial trouble.
According to reports, Williams used some sophisticated estate planning techniques that may help simplify his estate administration and may have ensured that his assets and loved ones are well taken care of, if early indications are accurate. A waterfront home in Tiburon and a Napa Valley mansion Williams owned were both placed in a holding trust in order to minimize estate taxes. A separate trust Williams created in 2009 after his second divorce transferred three equal portions of funds to his three children when they reached the ages of 21, 25 and 30, respectively.
In addition to the real estate and trust funds he left behind, Williams’ estate will likely transfer ongoing royalty payments to his heirs. Provided he did not previously transfer the rights to another party, beneficiaries in the actor’s will should continue to receive payments for the use of his image and likeness for years to come.
During estate planning, appointing an executor or trustee is one of the most important tasks. When no will is created, the court will determine what individual takes on the estate administration responsibilities. An estate planning attorney can help high-net-worth individuals craft a sound estate plan that seeks to minimize tax liability and shield assets and heir and may also provide guidance on choosing a trustee or executor.
Source: Forbes, “What’s Next For Robin Williams’ Family And Estate?“, Danielle and Andy Mayoras, August 12, 2014
Source: Forbes, “What’s Next For Robin Williams’ Family And Estate?“, Danielle and Andy Mayoras, August 12, 2014
