In the design work we perform for our clients, we often use various types of trusts.\u00a0 There are \u00a0many things a trust can do including helping to address issues related to incapacity, protecting your assets from creditors, and avoiding or minimizing hassles related to the probate process after you die.\u00a0 But one aspect of trusts that is often underappreciated is how a trust can be used to maintain a certain degree of control over what happens to your assets even after you have passed.\u00a0 To put it another way, when you leave assets to your heirs outright you will have no control over what happens to those assets down the road.<\/p>\n
By the time Marilyn Monroe died of a drug overdose in August 1962 she had been divorced three times and she left no children.\u00a0 As far as we know Monroe did not create a trust while she was alive.\u00a0 Therefore all of her assets passed according to the brief three page Will she executed in January 1961 shortly before her divorce from the playwright Arthur Miller.\u00a0 That instrument left some small bequests for a number of individuals including Monroe\u2019s half-sister, her secretary, her mother, and several friends.\u00a0 But ultimately 75% of Monroe\u2019s remaining assets were to be distributed outright to Lee Strasberg, the famed acting coach.<\/p>\n
When Lee Strasberg himself died in 1982, his assets passed to his third wife Anna.\u00a0 Monroe only met Anna one time in her life, so they barely knew each other.\u00a0 Yet nonetheless that individual who was essentially a stranger to Monroe inherited Lee Strasberg\u2019s interest in Marilyn\u2019s Estate.\u00a0 And that interest has proved lucrative to her indeed.\u00a0 Anna soon hired a company to license products using Monroe\u2019s image.\u00a0 Then she auctioned off a number of Monroe\u2019s personal belongings including the dazzling gown she wore to President John f. Kennedy\u2019s birthday party which sold for more than $1 million.\u00a0 She also fought and waged a lawsuit over Monroe\u2019s image.\u00a0 Eventually she sold the rest of her interest in Marilyn\u2019s estate to another branding company for an estimated $20 million to $30 million.\u00a0 It is a sad irony that Anna has made more money off of Marilyn Monroe\u2019s likeness than Marilyn Monroe herself did in her own lifetime.<\/p>\n
It is doubtful that that Monroe would have wanted Anna Strasberg to benefit so much from Monroe\u2019s likeness and the assets she left behind.\u00a0 We can only speculate on the nature of Monroe\u2019s relationship with the other friends and family members who received small bequests under her Will.\u00a0 But it is likely if Monroe thought about it she would probably have preferred that any one of those other individuals benefit from her wealth over the third wife of her former acting coach some 20 years after her death.<\/p>\n
What Monroe should have done is set up a trust.\u00a0 Her trust could have benefitted Strasberg during his life but then directed who would benefit from the trust assets after he passed.\u00a0 She would have had quite a bit of flexibility in making the trust conform to her own personal preferences and beliefs.\u00a0 But unfortunately she did not set up a trust and instead left the bulk of her fortune outright and so things did not turn out the way she would have intended.<\/p>\n
If you have any questions about the issues presented above or care to discuss any other planning issues, please call us at 860-769-6938, visit our website at http:\/\/www.weatherby-associates.com<\/a> or email us at info@weatherby-associates.com<\/a>.<\/p>\n https:\/\/weatherby-associates.com\/ultimately-benefitted-marilyn-monroes-estate<\/p>\n","protected":false},"excerpt":{"rendered":" In the design work we perform for our clients, we often use various types of trusts.\u00a0 There are \u00a0many things a trust can do including helping to address issues related […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2943","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\n