In the wake of the tragic death of fashion designer L’Wren Scott, news has emerged about her end-of-life wishes. Scott reportedly signed a will in May 2013, and the details of that document were recently made public.
The entirety of Scott’s estate, which has an estimated value of $9 million, will go to her long-time partner Mick Jagger. The largest asset in the estate is reportedly Scott’s $8 million apartment in Manhattan. That we know how her assets will be handled is due to the fact that she used a will, rather than a trust , to distribute the property directly to Jagger.
Anyone planning an estate should have a will, but it is also important to understand that a will becomes a public document in the hands of the probate court. If you want to keep your estate and financial matters private, then you may want to say in your will that you want your assets transferred to a trust, the details of which will not be public record.
In Scott’s case, we also know that her two siblings were not mentioned in the will. Whether this fact points to a rift in the family, who can say? Still, the merit of privacy offered by a trust is underscored by this now public information.
There have also been numerous reports about the debt struggle of Scott’s company, LS Fashion Limited. Of course, many estates have debts and assets, all of which have to be legally addressed in some way or another. More on these matters can be found at our probate website.
Source: CNN, ” L’Wren Scott leaves $9 million estate to Mick Jagger ,” Rande Iaboni, March 28, 2014
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