After Matthew Perry’s Death Here What Happens To His $20M Residual Income
via GQ / Youtube
The tragic death of Matthew Perry on October 28 has left many wondering about the fate of his estate, particularly the substantial residuals from his iconic role in “Friends.” Entertainment lawyer Tre Lovell sheds light on the possible scenarios that could unfold in managing Perry’s financial legacy.
According to Lovell, there are three potential options for handling Perry’s estate.
It could be managed through a private trust, administered by a trustee if one exists. Alternatively, if Perry had a will, the administration would fall under court supervision. In the absence of both, a statutory framework would determine the distribution of his assets among his heirs.
“They would split his estate. His siblings would be next in line, after the parents. But, since both of his parents are living, they would get it,” Lovell explained.
Perry and his “Friends” co-stars reportedly earn $20 million a year in residuals, a substantial part of which may be at stake. The actor’s struggle with addiction and sobriety was well-known, and his death by apparent drowning in a hot tub has prompted discussions about the potential impact on his financial affairs.
“I would be surprised if there wasn’t some type of estate planning. He’s a famous actor; he’s got business managers, agents, lawyers,” Lovell remarked.
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If there is a trust involved, the details might remain private.
Lovell emphasizes that Perry’s fame and professional connections suggest the presence of some form of estate planning.
Regarding residuals from “Friends,” Lovell notes , “You can designate who it can go to,” through SAG-AFTRA. Perry may have designated a specific recipient for this income, separate from any trust or will.
“So, there’s a chance he wrote in somebody [to receive that money after his death]. But we just don’t know.”
If Perry did specify a beneficiary, it could potentially be a charity, considering his commitment to recovery.
Perry, who had publicly shared his struggle with addiction, had previously spent $9 million on his journey to sobriety.
In honor of Perry’s dedication to helping others battling addiction, friends of the late star have announced the establishment of the Matthew Perry Foundation. The foundation aims to continue Perry’s legacy by providing support to those dealing with the disease of addiction.
“It will honor his legacy and be guided by his own words and experiences and driven by his passion for making a difference in as many lives as possible,” stated officials close to the late actor.
