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How Come Matthew Perry Had Only USD 1.5 Million In His Bank When He Died? Legal Expert Talks About Late Actor's Wealth
Following Matthew Perry’s death, a lot of things have surfaced, especially the information about his properties.
It has been almost eight months since the legendary actor Matthew Perry passed away on October 28, 2023. The new reports that have surfaced suggest that the actor had around $1.5 million in his personal bank account.
While many are questioning the facts related to the small amount, given the star's fame and success in the entertainment world, legal experts have come forward to explain.
Explanation by legal expert
As per probate lawyer Jonathan Forster, who also happens to be the director at Weinstock Manion, everything that was included in Matthew Perry’s will was left to his trust called the Alvy Singer Living Trust.
Further explaining the situation, Forster stated, “The reason why we use trusts as opposed to wills is that trusts also avoid probate.” He added that probate is a transfer of assets that is supervised by the court, and that probate is public.
The legal expert has explained that when they are “typically” working on an estate plan that includes a will and a trust, the will leaves the asset to the trust.
“The will would be kind of like a catch-all, where if there are any assets owned by the person when they pass away,” then the will would transfer these assets directly to the trust, he has explained.
About Matthew Perry’s assets
According to an estimate that surfaced in the month of March, it was first believed that the late actor had $1,030,000 in assets under his name. However, the latest update that came out in June suggests that Perry's probate estate was determined to be $1,596,914.47. This is also the amount in his personal bank account.
The trustee of Matthew Perry, Lisa Ferguson, is on the title of the Pacific Palisades residence, the same property on which Perry had died. The title of his other house was under the Alvy Singer LLC.
“Everything under the trust is not subject to probate, and everything that has a beneficiary designation is not subject to probate,” Forster has maintained.
Jonathan Forster has also explained that there is no way to know the details of all of Perry’s assets.
It is crucial to know that although the information in a will is made public while the case is going through probate, the trust will always remain private and can only be accessed by the beneficiaries of the trust or its trustees.
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