Berman & Asbel, LLP

Actor's estate leaves everything to daughter

The 15-year-old daughter of the late actor Paul Walker will receive the entirety of her father’s large estate, reports say. The actor passed away last year as a result of a car accident in which the car caught fire. The 40-year-old actor had been the star of a franchise of racing movies that had earned him significant sums and helped pay for the $10 million home he passes on to his daughter. Many of those films remain popular and one more is set for release, indicating that the estate may continue to grow over the coming years.

As a result of this and the fact that the actor’s daughter is still not a legal adult, the actor wisely appointed his parents to help handle her affairs. His father will serve as executor, investing and managing property and other assets as needed. His mother will be her legal guardian and will also oversee estate matters until the daughter is an adult.

These types of arrangements are not uncommon and make sense for many families. Although it is hard to think about who would care for one’s children and help manage their affairs, the best thing to do is to plan for that scenario to know that they will be taken care of. In many cases it may not make sense to appoint family members, so professional trustees or estate executors can be named to oversee these and other important issues. Professional trustees are also a good option as a back-up plan incase family members or friend are not available to help. 

Source: CBS News, “Paul Walker left $25 million estate to his daughter,” Feb. 5, 2014.

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