Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Sunday, May 20, 2018

Matthew Mellon's Cryptocurrency is Being Held in Probate

image from https://s3.amazonaws.com/feather-client-files-aviary-prod-us-east-1/2018-05-20/fa52989f-fbc6-4656-81fb-9ccd6742f418.pngMatthew Mellon, descendant of the famous banking family, passed away last month at the age of 54 from ingestion of the hallucinogenic ayahuasca. He was on his way to rehab to treat his oxycontin habit which at one point peaked at $100,000 a month. Mellon inherited a $25 million inheritance when he was only 21 through one of the 14 trusts created for him, but he did not become a billionaire until he invested in cryptocurrency.

According to TMZ.com, those beneficiaries of the descendant's estate desire to push Melon's accumulation of cryptocurrency through the probate process - "faster than the normal course of action." The site claims that legal documents describe being worried about "the volatility of the digital money, noting since Matthew's death it's fluctuated by up to 30% of its value."

See Jay Brinker, Mellon's Folly and Infinite Sadness, JayBrinker.com, May 18, 2018.

http://lawprofessors.typepad.com/trusts_estates_prof/2018/05/matthew-mellons-cryptocurrency-is-being-held-in-probate.html

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