Lou Reed’s Will ‘Walked On The Wild Side’

Lou Reed. Schinitzer Concert Hall Portland, OR

Singer, songwriter and guitar player Lou Reed, a founder of the Velvet Underground, liked to “walk on the wild side,” as one of his most famous songs said.

He also walked on the wild side when it came to estate planning.

A story in Forbes says the rock legend was careless with the planning of his $30 million estate.

Filings in probate court since his passing at age 71 show his estate has earned $20 million since his death. The filing showed he had $10 million at the time of his death.

He left the $10 million to his wife, Laurie Anderson, and sister, with his wife getting 75 percent.

Reed relied on a will he signed in 2012. The article questions why someone worth so much would rely on a will and not have a revocable living trust.

If Reed had set up such a trust, the details of his financial life and to whom he left money would be kept private, instead of being splashed all over the pages of the New York Post, the story notes. In addition, wills have to go through probate, while trusts do not.

And if anyone objects to the will, it is easier to make a challenge in court than if there had been a trust set up.

Reed knew he was sick with liver disease for some time and could have filed a trust but did not do so. Now, all the details are out in public. There’s a lesson there for everybody, not just the rich and famous.

If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.


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