Jerry Lewis last month of heart failure at the age of 91.
He left behind a wife, six children from a previous marriage, one adopted daughter, and an estate worth an estimated $50 million.
But that doesn't mean all of his kids will benefit, either now or someday, from that estate. How do we know? Because he also left a will behind.
A will is a public document. Once the probate process begins -- which is what happens when you use a will as an estate planning device -- anyone can view it. That's how we know that one of the provisions in Lewis' will states:
“I have intentionally excluded GARY LEWIS, RONALD LEWIS, ANTHONY JOSEPH LEWIS, CHRISTOPHER JOSEPH LEWIS, SCOTT ANTHONY LEWIS and JOSEPH CHRISTOPHER LEWIS and their descendants as beneficiaries of my estate, it being my intention to that they shall receive no benefits hereunder.”
The word "intentionally" is used, well, intentionally.
If a will is somewhat vague or difficult to interpret, determining the person's intent can be difficult.
Clearly Lewis intended to disinherit the six kids named.
And he makes sure his intentions are clear by adding "and their descendants."
Why did Lewis disinherit all the children from his first marriage?
He doesn't say, and it doesn't matter (at least not to us.) Lewis has the right to distribute his assets in the way he sees fit.
But we didn't have to know about it.
Had Lewis set up a trust, he could have left his assets to anyone he saw fit -- and done so privately.
Trusts, unlike wills, are not public documents.
Plus a trust may have helped reduce or eliminate estate taxes, provided protection from creditors... and spared his heirs the time and expense involved in the probate process.
And he could have kept his decisions -- and his financial and legal affairs -- private.
