The fulfillment of Matthew Perry’s will has continued following his death in October of 2023.
According to documents obtained by PEOPLE, the actor left a total of $1.5 million in his bank account.
This amount seemed insignificant given his success in the world of entertainment, and there are questions about where the money has gone.
According to Jonathan Forster, a director at Weinstock Manion, the majority of Perry’s wealth was already in his trust, which is known as the “Alvy Singer Living Trust.”
This trust, which is reportedly named after the character played by Woody Allen in Annie Hall, was established before the actor died.
According to Forster, trusts are more practical than wills due to how they avoid probate, which is a court-supervised process that involves the transfer of assets.
When a person’s assets are left in their name, they need to be transferred to the trust and then distributed to their beneficiaries.
In March, it was estimated that Perry had around $1 million in assets under his name.
However, in June, the probate estate’s inventory was revealed to be over $1.5 million.
This amount included the money that was in his bank account. He noted that estate planning with a trust and a will usually leaves assets to the trust.
With a will, an individual can leave assets to the trust if they have any, which is similar to a catch-all.
This is why Perry’s will listed his properties as not real estate, despite PEOPLE’s report that he owned two homes before he died.
Lisa Ferguson, Perry’s trustee, is the owner of the Pacific Palisades home that he died in.
His other property, which is under the trust’s name, is owned by Alvy Singer LLC. According to Forster, everything that’s in the trust is not subject probate.
People tend to leave money in their names rather than transferring it to a trust due to various reasons, Forster said.
He adds that one should retitle their accounts in order to avoid probate. But, he believes Perry didn’t do so.
The director also noted that there’s no way to know where the money went.
Unlike a will, information in a trust is never publicized as it goes through probate.
This means that it can only be accessed by the trust’s beneficiaries and trustees. Perry died on October 28, 2023, at his home in Los Angeles.
An autopsy report stated that the cause of death was due to the effects of ketamine, which is a drug commonly used for treating various conditions.
According to the medical examiner, Perry’s death could not have been caused by his use of drugs.
In the months prior to his death, the actor was planning on establishing a foundation that would help those who were suffering from substance abuse.
He had reportedly been clean for about 19 months prior to his death.
In November, his family and friends launched the Matthew Perry Foundation, which is dedicated to helping people affected by addiction.
According to the mission statement, the organization will be guided by the actor’s experiences and words. It aims to make a difference in the lives of others through its efforts.
