By Attorney Suzanne Sayward
In keeping with these lazy, hazy days of summer, I thought I would lighten it up for July and write about the Wills of some dearly departed famous folks. Here are highlights from the Wills of five celebrated decedents.
1. Elvis Presley. Despite his wild ways during his lifetime, the King of Rock ‘n’ Roll was all about taking care of his family in his Will. He directs his Trustees to use so much of the income and principal for the:
“health, education, support, comfortable maintenance and welfare of: (1) my daughter, Lisa Marie Presley, and any other lawful issue I might have, (2) my grandmother, Minnie Mae Presley, (3) my father, Vernon E. Presley, and (4) such other relatives of mine living at the time of my death who in the absolute discretion of my Trustees are in need of emergency assistance for any of the above mentioned purposes…”
Elvis’s Will went on to provide that following the death of his father and grandmother, his estate should be distributed outright to Lisa Marie once she reached age 25. Elvis signed his Will in March of 1977 and died in August of that year when Lisa Marie was nine years old. One estimate valued the King’s estate at $300 million – nice birthday present for a 25 year old!
2. Michael Jackson. It seems fitting to follow the King of Rock n’ Roll with the King of Pop. Michael Jackson, who was briefly married to Lisa Marie Presley (his first marriage, her second marriage), died in 2009 at the age of 50 and was survived by his three minor children. His Will is really quite simple (5 pages) because he leaves his entire estate to a separate Trust. Now for most people, creating an ‘inter vivos’ or “living” trust means that the distribution provisions of their estate remain private. However, given Michael Jackson’s celebrated status, of course his Trust has found its way into the public venue. The terms of the Trust direct that 20 percent of the estate be used for charitable purposes to help children. The remaining 80 percent is distributed equally between a trust share for his children and a trust share for the benefit of his mother. Michael either had less confidence in the ability of young people to handle a large inheritance or was the recipient of better legal advice than Elvis. The Jackson children will be entitled to receive their shares from the Trust in a structured distribution at ages 30, 35 and 40. One other item of note regarding Michael Jackson’s Will: he designated Diana Ross as the alternate guardian of his minor children to serve if his mother could not.
3. Leona Helmsley. Having looked at two kings, let’s move on to a queen, specifically Leona Helmsley, known as the Queen of Mean. Ms. Helmsley was known for many acts of infamy during her lifetime, but she may be best remembered for leaving $12 million to a trust for the benefit of her dog, Trouble. In keeping with her reputation for being nasty during her lifetime, she disinherited two of her grandchildren (Craig and Meegan). She created trusts for the benefit of her other two grandchildren (David and Walter), but stipulated that distributions from the trust shares were conditional upon their visiting the grave of their father at least once per year. Failure to do so would cause them to forfeit their share. She even directed that a guest book be left at the family mausoleum and that David and Walter sign the book to evidence their visits. Talk about exerting control from the grave!
4. Princess Diana. Yet another royal on our list, Princess Diana, died tragically in a car accident on August 31, 1997, at the age of 36. At the time of her death, she had been divorced from Prince Charles for one year and three days. She left behind her two young sons, Prince William, then age 15, and Prince Harry who was 12. Princess Di’s Will left her estate equally to her sons, in trust should they be under the age of 25 at the time of her death. Following her death, Diana’s mother and sister as the executors of her Will sought and obtained an order from the court increasing the age at which Prince William and Prince Harry would be entitled to receive their inheritance from age 25 to age 30. When Prince William received his inheritance last June, it was estimated to be valued at $16 million U.S. dollars.
5. Marilyn Monroe. Marilyn Monroe, nee Norma Jeane Mortenson a/k/a Baker, died from a drug overdose in August of 1962 at the age of 36. Despite her relatively short life she made quite an impression on Hollywood and movie-goers all over the world. She also managed to acquire and dispose of three husbands during her lifetime, but never had children. Ms. Monroe signed her Last Will and Testament in January, 1961. She left money to care for her mother, a bequest to her half-sister, and money to a few friends. The residue of her estate was left 25 percent to her secretary, 25 percent to her psychiatrist, and 50 percent to her mentor Lee Strasberg. Not surprisingly, controversy and delay ensued. In September 2008 the United States District Court of New York issued the final ruling determining Marilyn Monroe’s residency at the time of her death, and in 2010 her home was sold – almost 50 years after her death. By the way, in 1947, Marilyn Monroe was crowned the first Queen of the Artichokes in Castroville, California, known as the artichoke capital of the world.
Attorney Suzanne R. Sayward is certified as an Elder Law Attorney by the National Elder Law Foundation. She is a partner with the Dedham firm of Samuel, Sayward & Baler LLC. This article is not intended to provide legal advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney. For more information visit www.ssbllc.com or call 781/461-1020.