People were stunned and saddened to hear about the death of one of the world’s most innovative comedic minds earlier this month. Robin Williams’ suicide was completely unexpected to most people, even those who knew him best. His family, friends and fans will mourn the loss for years to come, but even in light of this tragedy people can add “good family provider” to the list of things for which Williams will be remembered.
Williams was married three different times, and had three children. Williams’ first two marriages ended in divorce, which created a financial quagmire for Williams that allegedly almost bankrupted the highly-paid actor. However, Williams had the foresight and good sense to set up a solid estate plan to take care of his children regardless of the circumstances in his own life.
According to a recent news article, Williams set up a family trust which allowed each of his three children to collect a certain percentage of the trust assets when they reached certain age thresholds. When the children turned 21, each child received a third. Four years later, at their 25th birthdays, they would receive half of the remaining amount. Finally, when they turned 30, they would receive the rest of the trust amount.
Williams used a tried and true method of releasing trust assets at predetermined age thresholds to ensure that his heirs were mentally prepared and responsible enough to handle the sudden influx of money. The other necessary part of this plan requires the person setting up the trust to speak candidly and openly with the intended beneficiaries so that they know what to expect and are able to handle the pressure, freedom and expectations that come with a substantial inheritance. People who wish to take care of their children and other heirs during their lives and beyond should speak with an experienced estate planning attorney about setting up a trust to fit their needs.
Source: Liberty Voice “Robin Williams Planned to Keep His Children Financially Secure,” Alexandra Ingham, Aug. 12, 2014
Source: Liberty Voice “Robin Williams Planned to Keep His Children Financially Secure,” Alexandra Ingham, Aug. 12, 2014
