Following the untimely death of Matthew Perry, questions have arisen about the fate of the "Friends" star's estate. Entertainment lawyer Tre Lovell shared insights into the actor's sizable fortune, as Perry never married or had children. Perry's annual residuals of about $20 million from the show will continue for his heirs, as it's an obligation paid to the actor. Lovell explains that Perry's royalties will be determined by a designee, and it's unknown if he had a trust or will in place. Without them, his estate would go to his closest family members, likely equally to his biological parents. Perry's involvement in addiction recovery might lead to some of his estate going to such charities, as he had a personal connection to them. Perry was in the process of creating a foundation to help those struggling with addiction before his tragic death. He was found dead in his hot tub, apparently from drowning. Despite the uncertainties, his legacy in entertainment and philanthropy lives on.
Vocabulary:
• Estate: All of a person's property, possessions, and assets when they pass away.
• Residuals: Ongoing payments made to actors for reruns or reuse of their work.
• Heirs: People who inherit or receive assets from someone who has passed away.
• Royalties: Payments made to creators or performers based on the use of their work.
• Addiction: A strong dependence or habit, often related to substances or behaviors.
Source: ET