Carley's Corner - The Robin Williams Estate
The death of beloved actor and comedian Robin Williams shook the globe on August 11, 2014. Williams, best known for his roles in films such as Dead Poets Society, Jumanji and Good Will Hunting, was not only known for his success in the entertainment industry, but also for his philanthropic work. Robin was a co-founder of Comic Relief USA alongside Whoopi Goldberg and Billy Crystal, and was known to love touring with the USO to perform for the troops. There was no denying that he had a passion for giving back to those who needed a laugh most. Williams was a family man and had three children, Zak, Zelda, and Cody, and after 2 previous marriages, married graphic designer Susan Schneider in the fall of 2011. The pair were together for 3 years before his death.
When Williams passed, he had what appeared to be well drafted estate plans. His Will clearly stated that his entire estate, approximately $100 million dollars, was to be left to his 3 children with the addition that his wife Susan be able to live in the house they shared for her lifetime, and that the children would inherit the property after her death. Even with his wishes clearly laid out, a family dispute ensued.
While Robin’s Will was very detailed regarding how to handle his money, it appeared to be vague regarding the contents inside of the home that he shared with Susan. What was to happen with his clothes, graphic novels, photographs, and memorabilia? As you can imagine, everyone had different plans for these items!
This lengthy dispute ended with a settlement in court in the fall of 2015, and it was determined that Susan was able to remain in the home and receive a monthly allowance to cover her expenses, along with a variety of specific household items such as a watch, bicycle, and their wedding gifts – the children were to receive everything else. Without a doubt, Robin was trying to avoid this situation and court battle by doing his estate planning!
What lesson can we take away from Robin’s estate? Be VERY clear when it comes to your assets – you can never be too detailed! It may be wise to ask that your advisor include clear definitions, lists that specify who gets what, etc. in your Will and other documents. This just serves as a reminder that we need to be clear and specific when it comes to the terms of our last wishes, as there’s bound to be a dispute over one thing or another!
Don’t let this happen to you! Make sure that you have your Will and other important documents prepared and confirm that you are naming the right person as your Executor. Want to learn more about the role of Executor and verify that you chose the right person to manage your estate? Check out our new online course called Executor Ready today!
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.