Carley’s Corner - The “I Did It My Way” Estate
Frank Sinatra is commonly known as one of the greatest actors and musical artists of the 20th century. Having sold an estimated 150 million records worldwide, there is simply no denying that he was not only a best-selling artist – he was also an icon. I’ve always had a fascination with Frank and have studied his life in great depth during my time in the music industry. Did you know that he was breaking racial barriers and put his own livelihood on the line to help Sammy Davis Jr. get his start? While his image is known as the hard-drinking, womanizing, gambling swinger, there is so much more to his story. I knew his Will would be an interesting story to investigate and I was right! Staying true to his “I Did It My Way” lyrics, Frank truly did leave his estate the way he wanted it.
There were two things that I found to be interesting in Franks Will. One being that he left his current wife at the time, Barbara Sinatra, all his licensing rights and 25% of his royalties. He conditioned this on not only them being married at the time of his death, but also that they must be living together. Why is this so interesting you ask? The condition of being married at the time of death is not uncommon, however the “must be living together” aspect is what was so smart of him. Some couples choose to separate but not finalize the divorce, meaning that on paper they are still legally married. As you can imagine, not having a clause to cover the living situation could create big complications when it comes to the estate administration!
The second component of Franks Will that I found interesting was his “no contest” clause. The clause states that any beneficiary or legal heirs of his Will shall be disinherited if they contest the Will, claim entitlement to any asset under a written or oral contract, challenge the appointment of the executor or object to the interpretation of his Will adopted by his executor. In simpler terms, if anyone named in the Will didn’t like something and wanted to challenge it, they would in return get nothing. I love this idea, and I think it’s smart to ensure that not only are your wishes being followed, but that you aren’t leaving a family argument behind.
The lesson that we can take from Frank Sinatra’s Will is simply to ensure that you have thought of everything relevant to your situation when it comes to your estate plans. You want to ensure that you are leaving behind a legacy that isn’t diminished by challenges and complications along the way. Do you find yourself needing guidance and assistance with estate administration? Contact us today to book your free consultation.
This blog is not intended to be legal advice and should not be relied on as such. If you require legal advice, please contact a legal professional concerning your particular circumstances.