The will of "Fast and Furious" star, Paul Walker,
was admitted to probate last week. The 2001 document has garnered some
media attention because it appoints his father as executor of his $25
million estate which he left to a trust and designates his mother as
guardian of his daughter, Meadow Rain, even though her mother survived
her. His estate consists of $10 million of investments, a house with
$8.5 million equity, and projected $8 million residuals from his movies.
Several points:
1.
In split household situations, the biological parent will almost always
be the sole guardian of a minor child even if the will designates
someone else.
2. In split household situations, I always
designate a guardian for the minor children, although I condition it on
the other parent being unable to provide a stable home environment.
3.
Mr. Walker could have avoided the probate process on his investments by
adding a transfer on death (TOD) designation to his trust.
4.
Meadow Rain? In the annals of names of celebrity children it is
probably better than Apple Martin and Blue Ivy Carter, and definitely
better than Peaches Honeyblossom Geldof, Fifi Trixibelle Geldof, Moon
Unit Zappa, and Diva Muffin Zappa but falls short of Tallulah Willis and
Scout Willis.
