L’Wren Scott was the fashion designer girlfriend of Mick Jagger. When she committed suicide 10 days ago, rumors swirled that she was in financial trouble. After her will leaving her entire estate to Mick was filed in NY Surrogate’s Court this week, media outlets are reporting that she was not financially stressed because the probate documents listed her as the owner of an $8 million condo and $ 1 million of personal belongings.
1. The media outlets are incorrect and Ms. Scott could have been financially strapped. NY (and Ohio) requires initial probate documents to reflect gross value of assets. Debts and liabilities are not required to be listed so it is doubtful that she had a condo with $8 million equity.
2. Leaving money to Mick Jagger? No matter how much she wanted to show love for him, L’Wren might have been better off selecting a charity important to her and Mick, assuming she had assets to leave. Mick does not need a nickel from her which will only be taxed at his death (although he and Keith Richards might have a deal with the devil to live forever).
3. As I have mentioned before, I remain available for media consultation on will and probate interpretation matters. Someone has to assist in getting these stories reported correctly.
I am an attorney located in Cincinnati, Ohio who practices in the areas of estate planning, probate, asset protection, and small business advice. I make a difficult and bewildering process as simple as possible. Most importantly, I provide "more for less" for my clients.