An article about Matthew Perry (Friends) appeared in Newsweek, and there’s this presumption that celebrities have a significant amount of money. In this piece, it said he passed away with $1.5 million in a checking account. Granted, that is still a significant amount of money, but based on these contracts from Friends alone, he earned about $89 million. The gist of the article was that Matthew Perry left behind a relatively small estate.
Why are magazines (or us) able to discuss his personal finances? Because it is a probate matter. It’s public record. Anyone can go to the probate court in the county where you live and look through the records of anyone who has passed away and gone through the probate process.
Matthew Perry Had More Than $1.5 Million
Matthew Perry’s family eventually contacted the author of the article and said that Mattew Perry had much more than $1.5 million. He had properties throughout the U.S. and overseas, along with different investments. Why didn’t the reporter know about this? These assets were titled in a living trust. Matthew Perry had named the trust after a character in a Woody Allen play, so the connection between him and it was not readily apparent. He likely did it for one reason: privacy.
One thing that we all have in common is that when we go through the tragedy of losing a loved one (especially one connected to suspicious circumstances) is how much we value privacy. Now, Matthew Perry had a living trust, so why was there a need for probate? The answer is that he didn’t title the bank account in the name of the living trust. Please don’t read that as a criticism but rather how ineffective a living trust is if you don’t title your assets appropriately. Having a living trust is simply not enough.
Can Checking Accounts Go Into Living Trusts?
We have seen this in our own lives. Clients have extensive assets, and for some reason, they don’t put their checking account in the trust. Someone came to us and said their bank told them they couldn’t title their checking account in the name of a living trust. Why? The bank’s position was that Social Security won’t deposit checks into a living trust. That’s hogwash, to put it lightly. That is a complete misunderstanding of Social Security’s regulations.
For whatever reason, Matthew Perry simply didn’t title this account in the name of his trust, so it had to go to probate. That bank account became a public record. Never forget that probate is a public matter.
Get Accurate Legal Guidance About Living Trusts
A living trust is a powerful estate planning tool but insufficient if your assets aren’t titled correctly. At J. Kevin Tharpe, P.C., we help ensure that your estate plan works as intended—protecting your privacy and avoiding probate. If you’re unsure whether your assets are properly titled in your living trust or need guidance on setting one up, we’re here to help. Schedule your consultation today.
Kevin Tharpe
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