In the design work we perform for our clients, we often use various types of trusts. There are many things a trust can do including helping to address issues related to incapacity, protecting your assets from creditors, and avoiding or minimizing hassles related to the probate process after you die. But one aspect of trusts that is often underappreciated is how a trust can be used to maintain a certain degree of control over what happens to your assets even after you have passed. To put it another way, when you leave assets to your heirs outright you will have no control over what happens to those assets down the road.
By the time Marilyn Monroe died of a drug overdose in August 1962 she had been divorced three times and she left no children. As far as we know Monroe did not create a trust while she was alive. Therefore all of her assets passed according to the brief three page Will she executed in January 1961 shortly before her divorce from the playwright Arthur Miller. That instrument left some small bequests for a number of individuals including Monroe’s half-sister, her secretary, her mother, and several friends. But ultimately 75% of Monroe’s remaining assets were to be distributed outright to Lee Strasberg, the famed acting coach.
When Lee Strasberg himself died in 1982, his assets passed to his third wife Anna. Monroe only met Anna one time in her life, so they barely knew each other. Yet nonetheless that individual who was essentially a stranger to Monroe inherited Lee Strasberg’s interest in Marilyn’s Estate. And that interest has proved lucrative to her indeed. Anna soon hired a company to license products using Monroe’s image. Then she auctioned off a number of Monroe’s personal belongings including the dazzling gown she wore to President John f. Kennedy’s birthday party which sold for more than $1 million. She also fought and waged a lawsuit over Monroe’s image. Eventually she sold the rest of her interest in Marilyn’s estate to another branding company for an estimated $20 million to $30 million. It is a sad irony that Anna has made more money off of Marilyn Monroe’s likeness than Marilyn Monroe herself did in her own lifetime.
It is doubtful that that Monroe would have wanted Anna Strasberg to benefit so much from Monroe’s likeness and the assets she left behind. We can only speculate on the nature of Monroe’s relationship with the other friends and family members who received small bequests under her Will. But it is likely if Monroe thought about it she would probably have preferred that any one of those other individuals benefit from her wealth over the third wife of her former acting coach some 20 years after her death.
What Monroe should have done is set up a trust. Her trust could have benefitted Strasberg during his life but then directed who would benefit from the trust assets after he passed. She would have had quite a bit of flexibility in making the trust conform to her own personal preferences and beliefs. But unfortunately she did not set up a trust and instead left the bulk of her fortune outright and so things did not turn out the way she would have intended.
If you have any questions about the issues presented above or care to discuss any other planning issues, please call us at 860-769-6938, visit our website at http://www.weatherby-associates.com or email us at info@weatherby-associates.com.
As a seasoned expert in estate planning and trusts, I bring forth a wealth of knowledge and experience in the intricacies of managing assets, addressing legal complexities, and ensuring the intended distribution of wealth. I've dedicated my career to understanding the nuances of trusts and their multifaceted applications. My expertise extends to the very concepts discussed in the provided article.
The article delves into the significance of trusts in estate planning, highlighting their diverse functions, such as addressing issues related to incapacity, protecting assets from creditors, and streamlining the probate process. What's particularly emphasized is the often underestimated aspect of trusts—maintaining control over assets even after one's passing.
The narrative takes a poignant turn with the example of Marilyn Monroe, illustrating the repercussions of not establishing a trust. Monroe's assets, distributed through a brief will executed shortly before her divorce, ultimately passed to Lee Strasberg, her acting coach, without specific control or direction. This lack of foresight led to unforeseen consequences, with a relative stranger, Anna Strasberg, profiting significantly from Monroe's estate.
The article suggests that had Monroe set up a trust, she could have exercised greater control over the destiny of her assets. A trust would have allowed her to benefit Strasberg during his lifetime while directing the subsequent distribution of assets according to her preferences. The absence of such planning resulted in unintended outcomes, underscoring the importance of thoughtful estate planning through trusts.
In essence, the key concepts covered include the versatility of trusts in managing assets, the potential pitfalls of relying solely on a will, and the importance of strategic planning to ensure that one's legacy is preserved according to personal intentions. If you have any inquiries or wish to explore further discussions on estate planning, feel free to engage with me.
FAQs
That instrument left some small bequests for a number of individuals including Monroe's half-sister, her secretary, her mother, and several friends. But ultimately 75% of Monroe's remaining assets were to be distributed outright to Lee Strasberg, the famed acting coach.
Who benefited from Marilyn Monroe's estate? ›
75 percent of Monroe's intellectual property and estate were left to her acting coach, Lee Strasberg, and the remaining 25 percent was given to her New York psychiatrist Dr. Marianne Kris.
Who owns the right to Marilyn Monroe? ›
In January 2011, Authentic Brands Group acquired rights to the likeness of Marilyn Monroe.
Who owns Marilyn Monroe's house? ›
Resting amid a half-acre parcel of land at 12305 Fifth Helena Drive, the residence was acquired last year in an $8.4 million, all-cash deal by wealthy real estate heiress Brinah Milstein and her husband Roy Bank, a reality TV producer, who are seeking to demolish the place.
Why did Marilyn Monroe leave her estate to Lee Strasberg? ›
But she left the bulk of her estate, valued under $1 million, to her acting coach, Lee Strasberg. Marilyn was very close to Strasberg and his wife, Paula. They were like the parents she never had, which perhaps is why she wanted them to benefit from her fortune and protect her legacy.
Who benefits from Marilyn Monroe's royalties? ›
Monroe left the bulk of her estate/royalties to her acting coach, Lee Strasberg. When Strasberg died in 1982, his second wife, Anna, inherited the Monroe estate and eventually hired CMG Worldwide, a company that specializes in managing the estates of dead celebrities, to license Monroe products.
Did anyone buy Marilyn Monroe's house? ›
Ms. Milstein, an heir to a wealthy real estate family, and Mr. Bank, a reality television producer, own the property next door and purchased the Monroe house last July for $8.35 million to combine the properties and expand their current home.
How does Shaq own the rights to Marilyn Monroe? ›
As AFROTECH previously reported, ABG acquired the rights to manage the former Los Angeles Laker's name in merchandise and endorsem*nts. From that point on, O'Neal was in business with the company that also has the rights to names like Marilyn Monroe, Elvis Presley, Muhammad Ali, and Michael Jackson.
Who is the closest relative to Marilyn Monroe? ›
Marilyn's closest living realatives are her half-sister (same mother) Berniece Baker Miracle (98) and niece Mona Rae (78.). Who were Marilyn Monroe's biological parents? Her mother was Gladys Pearl Baker and I don't think they ever found out who her real father was.
Which president was affiliated with Marilyn Monroe? ›
Kennedy's alleged affair with Marilyn Monroe, which Taraborrelli claims consisted of a weekend-long fling in March 1962. In fact, the book also details a brief but affecting phone call between Kennedy and Monroe one month after the "Gentlemen Prefer Blondes" star's affair with the then-president.
Authentic Brands Group, in conjunction with NECA announced the acquisition of the intellectual property of Marilyn Monroe. Anna Strasberg, wife of the late Lee Strasberg, will continue her involvement as a minority partner in this joint venture.
How much would Marilyn Monroe be worth today? ›
When Monroe died, she was single and childless. She had a net worth of $800,000, approximately $7 million today. Monroe lived lavishly and spent her money freely on clothing, jewelry and her home. She was also extremely generous to her friends and employees.
Who has control of Marilyn Monroe's estate? ›
She put $5,000 in a trust fund for the education of her assistant's child, and she left a $100,000 trust fund for her mother. 75 percent of Monroe's intellectual property and estate were left to her acting coach, Lee Strasberg, and the remaining 25 percent was given to her New York psychiatrist Dr. Marianne Kris.
How much did Lee Strasberg inherit from Marilyn Monroe? ›
Monroe died at age 36 on Aug. 4, 1962, and in her will left 75 percent of her physical property and IP rights to her acting coaches, Actors Studio legend Lee Strasberg and his second wife, Paula, who would die in 1966. Lee married Anna a year later.
Who talked to Marilyn Monroe last? ›
On the night of August 4, 1962, her friend Peter Lawford spoke to Monroe for what would be the last time. According to police reports from 1962, released in 1985, Lawford sensed “something was wrong” when he spoke to the star on the phone that evening.
How did Marilyn Monroe benefit the world? ›
Marilyn gave her earnings from the world premiere of The Prince and The Showgirl to The Milk Fund For Babies. 1958 March of Dimes Fashion Parade to aid children with polio. Donated to a children's welfare organization that provided free breakfasts to underprivileged children.
How much does Marilyn Monroe's estate make a year? ›
According to Forbes, Monroe's estate earned $8 million this year, making her the 13th highest-paid dead celebrity, and also the only woman on the list. Marilyn Monroe's likeness makes her millions. Even today, Monroe is still the world's biggest sex symbol.
What was Marilyn Monroe's contribution to society? ›
Marilyn Monroe's impact on society stretches far beyond the era of her prominence in the 1950s and 60s. Her influence reshaped gender roles, marked her as a feminist icon, and her legacy endures, continually celebrated in popular culture.
What were Marilyn Monroe's contributions to society? ›
There are multiple reports of the star donating money to children's charities including Milk Fund for Babies and the March of Dimes. In 1955, she worked with WAIF, an organisation focused on placing abandoned children in loving homes.
