Robin Williams’ will was admitted to probate court last week. It provides that his entire $50 million estate will be left to a trust for the benefit of his 3 children. The trust provides that his children will receive their inheritance in stages at the ages of 21, 25, and 30.
1. Net of estate taxes, each child will $10 million in installments of $3.33 million.
2. I would never advise a client to leave such a large sum to a 21 or 25 year old – the child’s initiative to become a successful, independent, adult can be stifled.
3. I recommend more installments with increasing percentages of funds as the child ages.
4. Williams’ children will likely view their dad as the “World’s Greatest Dad” but I think this trust is a “Flubber.”