Currency
It has become known why Matthew Perry had only $1.5 million in the bank at the time of his death and who will share the inheritance of the "Friends" star
Matthew Perry had $1.5 million in his account at the time of his death
Long before he died in 2009, Matthew Perry, the actor of the TV series "Friends", decided who would receive most of his wealth in the event of a tragedy. Almost all of the star's money was transferred to a trust account under the symbolic name Alvy Singer Living Trust.
The beneficiaries are reportedly Perry's father John, mother Suzanne Morrison, half-sister Caitlin, and his ex-girlfriend Rachel Dunn. Perry's fortune was estimated at $120 million, but only $1 million 596 thousand was kept in his bank account. The lawyer explained to People why the story of the star's inheritance looks so confusing.
In court documents, the value of the star's personal property was estimated at "just over $1 million." As the expert explained, this money was recognized as additional assets that had not yet been included in his private trust.
"It seems that everything in his will was transferred to the trust," a lawyer who is not involved in the case explained to the publication.
Most of the wealth ($120 million) that Perry owned was transferred to his trust before his death. So, the funds, movable and immovable property are now managed by the trust beneficiaries, who we mentioned above.
"The reason why we use trusts rather than wills is that trusts allow us to avoid probate, while a will is a transfer of assets under the supervision of a court, and a will is public," the expert explained.
He added that all the property held in the trust is not subject to probate, as is everyone who is a beneficiary of the trust.
Lawyers, according to the source, always advise clients to put their wealth into a trust rather than make a will if they do not want the public to count their money.
Perry, according to the lawyer, had not yet managed to transfer $1.5 million to the trust account at the time of his death, so it remained in his account and became public knowledge.
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