Saturday, July 12, 2014
As I have previously discussed, Lou Reed’s estate is currently worth over $30 million and growing. What is even more surprising is that the successful singer-songwriter only used one estate planning tool. Reed distributed his entire estate through a will signed in 2012. By not using trusts and relying solely on a will, Reed's estate has been made an entirely public affair by going entirely through probate. A revocable living trust would have given his family privacy and saved them the costs and stress of the probate process.
See Danielle & Andy Mayoras, Lou Reed Walked on the Wild Side With Hs Estate Planning, Forbes, July 10, 2014.