The recent suicide of actor and comedian Robin Williams has been all over social media and the news. As the former funnyman allegedly didn’t leave a note, the reasons behind his final act of despair may never be fully understood by Colorado residents and others.
However, it is apparent that he loved his two sons, Zach and Cody, and daughter Zelda, and wanted to make sure that they were taken care of financially after he had passed on. Five years prior to taking his own life, Williams set up trusts for all three of the children.
The website TMZ obtained copies of the trust documents, which was not dependent upon their father’s death. The documents indicated that all three received a third of their share upon turning 21. At 25, they received half of the remainder. On their 30th birthdays, his children receive their full share; Zelda and Cody have not yet reached that milestone.
The comic’s net worth had once been estimated to be approximately $130 million. However, last year in an interview with Parade magazine, Williams admitted to being on the brink of bankruptcy after his two divorces proved quite costly and even though his movies have grossed over $5.1 billion.
The amount in the children’s trusts was not made public. TMZ reported that Williams had significant funds independent of the trusts that will “almost certainly” be inherited by his current wife, Susan Schneider.
Williams’ first two wives allegedly received more than $30 million total in both divorce settlements, and he revealed during the Parade interview that he would be selling his $35 million house to pay down his debts.
Regardless of your financial status, leaving your family in good financial straits upon your death is both a kindness and a good common sense move. Advice from an estate attorney can prove invaluable when it comes to setting up trusts.
Source: Yahoo, “Robin Williams set up a 3-part trust fund for his kids amid money troubles before death” Aly Weisman, Aug. 13, 2014