Burt Reynolds did not leave anything to his 30-year-old son in his will, but that doesn’t mean his son won’t receive an inheritance as a result of the Hollywood star’s death. It appears that Reynolds may have left his son an inheritance by way of a strategically-planned trust.
Reynolds, who died in September 2018, named his niece to handle his estate affairs and put nearly all of his personal assets under the ownership of a trust. Since trusts are confidential, we can’t know the exact terms of the trust, who will benefit from it or the total value of the assets it contains. Nevertheless, sources estimate that the actor’s assets could be worth approximately $5 million.
In the specific language of Reynold’s will, the actor addresses his adopted son Quinton by name, by stating “I intentionally omit him from this, my Last Will and Testament, as I have provided for him during my lifetime in my Declaration of Trust.”
According to financial experts, it seems that almost all of Reynold’s personal assets were moved to the ownership of his trust. As such, the actor’s heirs and beneficiaries will benefit from the confidentiality provided by the trust. The trust also offers the benefit of protection from creditors, who would potentially be able to access his estate assets when the actor’s will goes through probate court.
If you believe that your estate plan could benefit from a strategically-drafted trust, you might want to investigate whether this kind of strategy is right for you and your family. Learn more about trust and estate planning now.