Turkey Day is done and the Black Friday sales are (sort of) over. The only thing left to do in November is update you on Matthew Perry’s estate and guardianship and conservatorship news.
The One with Matthew Perry’s Residuals
Matthew Perry tragically passed away at his home in late October. The star was best known for his role as Chandler Bing in the tv show ‘Friends’. He reportedly made $20 million dollars per year in residuals for that role alone. Now the question is who will get them next?
Residuals are considered personal property of the actor and can be passed down as such. For now, it seems like Perry’s residuals are part of his estate with no word on how or who they will be passed down to. Perry could have listed a beneficiary to receive his residuals or he could have listed a trust as the beneficiary. He could have left his estate to charity or he could have done no planning at all, meaning the estate will pass through California’s intestacy laws. It’s all covered in this article.
Guardianship and Conservatorship News
Guardianships and Conservatorships have been top of mind this month. A story from The Washington Post, chronicles the story of a retired pilot in Florida who was appointed a legal guardian after he suffered a stroke. The article covers the reality for many who live alone and are unable to communicate who their family and friends are when they become incapacitated. The story also covers the enormous amount of power that a guardian holds over their wards. In this case, the court-appointed guardian was able to place the ward in a nursing home. The guardian also liquidated the majority of his assets, including his home, guns, cars and other valuable possessions.
Britney Spears has been making waves with her book entitled ‘The Woman in Me.’ The book sold 1.1 million copies the first week and covers her career and her conservatorship. The conservatorship lasted from 2008 until 2021 and allowed Britney’s father Jaime to control her finances and personal life.
As evidenced by the stories above, guardians and conservators are granted substantial power over their wards. This past month the Arizona Legislature passed a bill to provide more protections for potential wards. The new bill requires the attorney for the alleged incapacitated person to interview the person and inform them of their rights. These include the right to a trial by jury, the right to choose their own attorney at their own expense, the right to appear in court and the right to a review of the court process.
We also put out a podcast about emergency guardianships and conservatorships in Arizona. Most people who are seeking a guardianship or conservatorship think that their situation is an emergency. But the judge may not see it that way.
Other stuff that caught our attention:
- The family home. It’s full of fond memories. Surely, you should keep it in the family, right? This newsletter explores why you may not want to.
- A NYT ethicist answers the question: should I tell my wife of 10 years about my trust that provides an income $25,000/ month?
- Why is life insurance more expensive for men? Because of statistics that show that men have a shorter life span, take more risks, and are just generally less healthy than women.
- The Texas International Law Journal put out an article on who has the right to make decisions about a body after death.
- Driving can be a symbol of independence for many, but as we age staying on the road can become dangerous. Here are three signs it may be time to talk about taking away the keys.
- The New York Times wrote an article on why you may want to consider moving closer to your family in your retirement.
Image credit: Araki Illustrations – stock.adobe.com
