Following the recent release of the details of Burt Reynold’s will, spectators quickly noticed one odd detail. Reynolds explicitly forbade his only child, Quinton Anderson Reynolds, 30, from inheriting assets through his estate upon his death.
However, the actor reportedly opted for a different estate planning maneuver to even the playing field.
The death of Burt Reynolds
Burt Reynolds, an America actor, director and producer, was 82 years old when he went into cardiac arrest at a Florida hospital earlier this month, resulting in his subsequent death on September 6, 2018.
When was his will last updated?
The Hollywood star reportedly last updated his will in October of 2011, appointing his niece as the executor of his estate and denying his son privileges of inheriting his assets upon his death.
Did Reynolds disown his son?
Burt Reynolds once referred to raising his adoptive son as his “greatest achievement.” So, what caused him to make this stipulation?
The actor allegedly announced in his estate planning documents that he did not wish to disown his son in a statement that read, “I intentionally omit him from this, my Last Will and Testament, as I have provided for him during my lifetime in my Declaration of Trust.”
What is the advantage of allocating assets through a trust?
Creating a trust is one way someone with a great deal of wealth may be better able to avoid paying estate taxes. Burt Reynolds was thought to be worth about $5 million at the time of his death.
Generally, a trust is an arrangement that allows a trustee to hold assets on behalf of a beneficiary or beneficiaries. However, there are many different types of trust, as well as different stipulations that can specify specific circumstances that allow for the assets to pass to the beneficiary.
Because assets may be excluded from probate and estate taxes, establishing them can save your family money and time spent dealing with legal procedures.
For minor children, trust are usually used to allocated certain amounts of a person’s estate in stages after the child becomes of age. This was the way fellow tv star, Anthony Bourdain, allocated assets to his 12-year-old daughter in his will upon his recent passing this year.
Gun trust and special needs trust are also examples of specific types of trust that can help deal with complex laws and legal stipulations.
In Texas, you can even create a trust to secure the care of an animal upon your incapacitation or death.
Creating a trust can come with certain eligibility requirements, such as compliance with the Rule Against Perpetuities. If you are interested in revisiting your will and establishing a trust or simply learning more about how a trust may be useful for you, talk to an attorney for advice. An estate planning lawyer can also help you take other estate planning steps, such as creating your will, appointing an executor of your estate, creating a long-term care plan and more.