The details of Glenn Frey's will are not that interesting on the surface. Nevertheless, the will does contain an interesting provision that illustrates how many wealthy people choose to handle their estate plans.
Frey left behind a will that leaves his entire estate to his wife and names her as the executor of the will.
Two co-executors were named, in case his wife was unable to serve.
There is not much that is unusual there.
The details of the will were reported by TMZ in "Glenn Frey Eagles Legend Left Everything To Wife."
So, what is interesting?
The assets listed in Frey's will only amount to $100,000.
It is impossible that Frey did not have a lot more wealth than that. Court documents mention that he also left behind a family trust.
This suggests the bulk of his assets are in the trust to be distributed to his wife and their three children at some point.
An important takeaway from this?
The proper way for wealthy people, in Cincinnati and elsewhere, to leave assets to their families is a trust used for most (or all) of the assets and a will used for the remainder.
Also of note is that we know the details of the will.
It has to go through probate, which makes it public.
We do not know the details of the trust, since it does not have to go through probate. People who value their privacy have another reason to use a trust.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: TMZ (Nov. 15, 2017) "Glenn Frey Eagles Legend Left Everything To Wife."