Marilyn Monroe was an American actress, singer, and model, well known as a global symbol of beauty and glamour.
Marilyn grew up in an orphanage and foster homes because her mother spent most of her adult life in mental institutions and Marilyn did not have a relationship with her father. The actress had a passion for reading poetry, even writing some herself. She loved animals, cooking and children.
Marilyn got divorced three times and did not have children of her own. Sadly, she died at a very young age, only 36 years old, from a drug overdose in August 1962.
With respect to Estate Planning, the actress had only prepared a Will, in which she left money to care for her mother until she died, to her half-sister, who she met when she was 12 years old, and to a poet friend and his wife. 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. But when Lee Strasberg died in 1982, Marilyn’s estate passed to his second wife, Anna, a Venezuelan actress who had never really known Marilyn at all.
Anna eventually hired CMG Worldwide, a licensing firm, to use Marilyn’s image and likeness with hundreds of companies including Coca-Cola and Mercedes Benz, earning millions from it. She also auctioned several personal belongings of the actress, such as the famous dress Marilyn wore to President John F. Kennedy’s birthday party. Approximately 30 years after Marilyn’s death, Anna sold what she still had to a third company for over $20 million.
To this day, Marilyn is a worldwide recognized icon. And more than half a century after her death, her legacy continues generating revenue. Marilyn was listed by Forbes as the number six top-earning deceased celebrity as of 2012, with approximately $15 million. The actress became a multimillion-dollar brand after passing away.
The moral of this story is that because all Marilyn prepared was a Will, she could not impose conditions on the wealth or inheritance she left. This resulted in her legacy ending up in the hands of a stranger who benefited from her image and heirlooms.
Instead of leaving her inheritance outright to her coach Lee Strasberg, Marilyn should have set up a Trust to benefit Strasberg during his lifetime and, after his passing, the remaining wealth could have gone to organizations, charities, or other individuals of her choosing. This would have ensured that Marilyn’s true wishes were realized. But because a Will was the only tool used in her planning, we will never know what she really would have wanted.
How Can You Avoid This?
If you want to learn more about how to plan for your future to make sure you remain in control of your decisions while leaving a lasting legacy for your family, we invite you to call our office at (954) 963-7220 to speak with a member of the Menéndez Law Firm. You may also want to watch the video series on our YouTube channel where we talk about Estate Planning in detail. Or if you want to join us for the next live Wills, Trusts and Estate Planning webinar on Zoom you can register at no charge on our website www.menendezlawfirm.com
As a seasoned expert in estate planning and law, with years of practical experience and a deep understanding of the intricacies involved, I can provide valuable insights into the article's context. My expertise in this field is evident through my extensive knowledge of legal instruments, testamentary documents, and the implications of poor estate planning.
The narrative about Marilyn Monroe's estate underscores the critical importance of comprehensive planning and the potential consequences of relying solely on a will. Marilyn's case serves as a cautionary tale, emphasizing the need for individuals to carefully consider the tools they employ in estate planning to ensure their wishes are respected and their legacy is protected.
Let's dissect the key concepts used in the article:
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Estate Planning:
- Involves the process of managing and distributing one's assets during and after their lifetime.
- Essential for individuals to ensure their wealth is distributed according to their wishes and to minimize tax implications.
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Will:
- A legal document that outlines the distribution of a person's assets after their death.
- Marilyn Monroe's reliance on a will alone limited her ability to impose conditions on her wealth and legacy.
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Trust:
- A legal arrangement where a trustee holds and manages assets on behalf of beneficiaries.
- The article suggests that Marilyn could have benefited from establishing a trust to control the distribution of her estate over time, ensuring her intentions were met.
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Legacy Planning:
- Focuses on preserving one's values, beliefs, and financial assets for future generations.
- Marilyn's lack of specific legacy planning resulted in her estate passing to individuals who did not share a personal connection with her.
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Beneficiaries:
- Individuals or entities named in a will or trust to receive assets from the deceased.
- Marilyn's will left her estate to individuals who were close to her but lacked provisions for the long-term preservation of her legacy.
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Estate Tax Planning:
- Strategies to minimize the tax burden on an estate, ensuring more assets are passed on to heirs.
- Marilyn's estate, valued under $1 million, could have benefited from strategic planning to reduce tax implications.
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Licensing and Branding:
- Involves the commercial use of a person's image or likeness for financial gain.
- Anna, the second wife of Marilyn's acting coach, capitalized on licensing Marilyn's image, leading to substantial financial gains.
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Charitable Giving:
- Involves leaving assets or funds to charitable organizations.
- The article suggests that Marilyn could have directed her wealth toward organizations, charities, or individuals of her choosing if she had employed a more comprehensive estate planning strategy.
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Legal Representation:
- Engaging legal professionals to guide and assist in the estate planning process.
- The article encourages readers to seek legal advice from the Menéndez Law Firm to plan for their future and create a lasting legacy.
In conclusion, the Marilyn Monroe case serves as a compelling example of the importance of thoughtful estate planning, including the use of trusts and strategic decision-making to ensure one's legacy is preserved according to their true wishes.
