It is not uncommon for the news to report on the life, times and death of the rich and famous. When Lou Reed died, the famous musician naturally made news in Nevada and across the country. Now, he is making news again; not for his music, but for how his estate plan was handled — namely questions about why he didn’t have a trust instead of a will.
Lou Reed died of liver disease but took steps to create a legal will beforehand. After he died, the will, like any other will, went through the probate process. The details of that will are now being made public as details of any will become public information after the probate process ends and the estate administration process begins.
As part of his will, Reed left $500,000 to his sister to be used for the care of their elderly mother, who is in her 90s. His sister also got 25 percent of his estate. Lou Reed’s wife received 75 percent of the estate. The singer of the legendary band The Velvet Underground was estimated to be worth $30 million, and his estate continues to grow since his death last October.
Having a will is a good step in the estate planning process. However, there may be people in Nevada who want the details and monetary value of their estate kept private or who may want to take steps to minimize the chance of a will dispute. Anyone in Nevada who has these concerns may want to explore the option of a trust compared to creating a will.
Source: forbes.com, “Lou Reed Walked On The Wild Side With His Estate Planning“, Danielle and Andy Mayoras, July 10, 2014