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Sacramento Estate Planning Attorney

Rock icon Lou Reed leaves inheritance to loved ones


People in California and all over the United States mourned the death of rock-and-roll visionary Lou Reed, who died last month after a hard-fought bout with liver disease. Reed, who was best known as the front man for the legendary art-rock outfit The Velvet Underground, as well as his solo career, died peacefully and with his affairs settled.

In the wake of his passing, details about the terms of his will arose, showing that he left nearly all of his considerable estate to his family members. His only sibling, a younger sister, received 25 percent of his estate. But the lion's share of Reed's assets and personal property went to his devoted wife Laurie Anderson, who is now 66-years-old. She will receive the couple's real estate, including a house in the Hamptons and an apartment in New York City, as well as all of his personal effects and other property, including boats, cars and artwork. The couple had no children. But the will also called for all the assets he left to his wife to be transferred to his sister and her three children upon Anderson's death.

Finally, despite a troubled childhood, Reed showed compassion for his elderly mother by leaving her a $500,000 bequest for her care. At 93-years-old, she should be able to live out her remaining years very comfortably.

In addition, Reed's will named two trusted business partners as trustees to the estate. The complex matter of handling his licensing and royalties will surely continue long after his death, so naming them as trustees makes good business sense. He told them to treat the rights to his canon of material as if it were "their own," trusting them to use their best judgment to make decisions that they think would protect his artistic legacy.

Source: Mail Online "'It all stays in the family': Lou Reed's will divides estate between wife Laurie Anderson, his elderly mother and sister," Colette Fahy, Nov. 6, 2013

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My Sacramento law practice, Michael A. Sawamura, Attorney at Law, focuses on wills, trusts and estate planning law in addition to business law and corporate defense services. My clients include professionals, government employees, small businesses, blue-collar workers and national corporations.

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