Matthew Perry’s Executor pays off actor’s debts, ready to pay out millions to family

[quote] Assets of $1,596,914.47

That seems VERY low.

The guy was making something like $30,000,000 per year off of residuals from "Friends," wasn't he?

That is very low for someone who made many millions and must have continued to in rerun residuals. Either his finances were grossly mismanaged (entirely possible) or this information is way off. Heck, his book alone brought in millions.

^ Most of his assets were placed in a trust. Did you miss that part?

What's that trust do?

What happens to the mountains of leftover drugs?

R5 is Zayn Malik.

how tragic that all that money couldn't have bought him therapy and whatever it took to become happy

I'm in a termite infested rent controlled bake-in-the-summer/freeze-in-the-winter 1 BR in Los Angeles; I've spent decades clawing my way to the bottom.

Could that money BE any more of an incentive to try to get your life together?

RIP, Matthew

Jeez, that was quick. I've heard of estates that take years to close probate and they're only a family home, a couple of bank accounts and a few personal effects.

I don't know, a year sounds about right. Unless there's an extensive list of beneficiaries, some of whom emigrated abroad. It's mostly the printed correspondence that prolongs the whole thing, not the actual determination of who gets what, that part's easy.

It seems like Matthew had his shit together, in terms of his will and trust.

That was all ironed out before hand.

He had a manager that he trusted, and she seems to have executed his will exactly as he wished.

Now THAT is a loyal employee.. (If I was a celebrity, I would snatch her up immediately!)

Also, he had no wife and kids or even a girlfriend, so all of his assets went to his family.

Seems easy enough.

A living trust keeps assets out of probate court (and avoids associated costs.) It's part of estate planning, esp. for the super loaded.

Trusts are included as assets. I outta know because I have one. Of course they have restrictions etc (tax).

[quote] He had a manager that he trusted, and she seems to have executed his will exactly as he wished.

And - she only asked for $28,000 in fees to wrap that up. She probably got paid fees for other things, though.

Most of his assets are probably held through trusts that are not part of the estate.

Think of the $1.5 millions as pocket change.

Yep, those were assets he never got around to putting into hus trust(s)..

[quote]r10 It seems like Matthew had his shit together, in terms of his will and trust. That was all ironed out before hand.

Oh, you can bet the grasping stage parents had all THAT paperwork drawn up and laid out before him YEARS ago!

Matthew was a doomed innocent.

I'll never have to work on those shitty NBC crime shows again!

Me and the wife are officially RETIRED.

^^ stepdad knows ALL THE ANGLES on how to cover up a murder.

Matthew’s smile lit up the room - -

Ok...I'm still confused. Is the $1.5 M outside of the Living Trust, or is it part of it?

Because if he has just 1.5 M left TOTAL, that just seems so wrong with the amount of residuals he must have been getting annually, not to mention any investment income. Google said he would have been receiving approximately 20M a year in residuals.

This means one of two things:

A. He was a spendthrift that blew away 99% of his fortune and was so deep debt there was barely nothing left once the debts were cleared.

B. She's lying and secretly pocketed a HUGE chunk for herself ("executor's fee") and doled out the remaining pocket change to his heirs.

Either way his family should be making tons of money in residuals in a few years time given that Friends is one of the most overrated sitcoms of all time (alongside Seinfeld and The Gilmore Girls - actually the latter is CW garbage).

R20 Agreed. Bland, insipid humour and I can say the same for the characters.

Christ, so many of you not only didn't read the original article, but you also didn't read the comments that have explained again and again that the $1.6 million represents his assets that were OUTSIDE the trust at the time of his death. They weren't his entire net worth, bozos.

Why comment on something you haven't even read?

That was his beer and drug money. Enough for him to kill himself so everyone else gets the rest.

Jfc, i am sorry he is dead but he was a truly despicable person.

And his chinless smirk makes me ill

R22 Mizz Thang, I am not a fan of Friends. Ain't nobody got time for that!

His estate will continue to receive residual payments from Friends.

I wonder where those are going - it's been estimated to be about $20mm/year. Warner makes $1b from reruns and each of them gets 2% - $20mm.

[quote]freeze-in-the-winter 1 BR in Los Angeles...

Gurl, you must be kidding.

His house (where he died) hit the market in May for $5.2 million,

Matthew Perry’s condominium sold for $21 million dollars. He would have to have, if not a nine figure, at least a high 8 figure net worth, depending on how much wasn’t smoked, snorted injected or freebased.

Link.

Who gets the Cookie Jar he stole from the set of Friends?

I was not impressed with that house he died in. It was kind of blah for such a wealthy person.

Drugs are expensive, my friends.

I've always thought that one of the biggest curses for most mega wealthy celebrities is the inability to be happy or satisfied anywhere for very long. So many of them seem to have the attention span of a gnat.

When he was promoting his book he talked about his best friends being childhood friends. Surprised they are not in the will.

[quote] I've always thought that one of the biggest curses for most mega wealthy celebrities is the inability to be happy or satisfied anywhere for very long.

The problem is that when you can have anything you want, what more is there?

Especially for a person with an addictive personality.

You're looking for the next thrill. The next high.

There are billionaires who immerse themselves in work.

There are billionaires who immerse themselves in philanthropy.

There are billionaires who seek power.

And then there are billionaires who just want to party all the time.

It's no different from the personalities of poor people, except that it's on a much grander scale, and they can actually afford anything that they want.

R3, assets in trust are not subject to probate. His executor distributed the non-trust assets. If your house is held in trust, that trust identifies the beneficiary and the executor of your estate is not involved. Terms of a trust are not made public. The value of the assets and who inherits them are confidential.

What your missing, r22, is if he only had the 1.6 mil left after all his former success, it really is no surprise he was depressed, and “self medicating” with the drugs.

You have to look at the bigger picture.

What you are missing, R39, is the point - that much of his wealth went into the trust. The 1.6 mil represents the assets not held by the trust. It was not "all he had left".

Plus he had about $20M a year in guaranteed income.

Oh just bury this prick already.

R28, trust me, I'm from New England but it's a desert cold humidity-free out here. You can't know until you experience it. Plus, the building I live in is paper thin.

All of those rat faced FRIENDS actors were grossly overpaid. That show was shit and not one of them could act.

Overrated schitcom.