Following James Gandolfini's death in June, his multi-million dollar estate has been left in large part to his teenage son and infant daughter.
The celebrated "Sopranos" actor left an estate of approximately $70 million, the lion's share of which is set aside for his son Michael, reports The Associated Press.
With a combination of wills and trusts, Gandolfini has ensured that his estate will be properly divided.
Trust for Gandolfini's Son
Gandolfini's son Michael, who found his collapsed father's body in their Rome hotel room, will receive most of his father's money once he reaches 21, reports The New York Post. Michael is currently 13 years old.
Although James Gandolfini's will doesn't directly bequeath much to his son Michael, it does mention a trust that has already been created for his benefit.
Gandolfini likely had what is known as a living trust, a legal entity that holds property and assets for the benefit of you and your loved ones while alive and continuing past your death.
Other Specific Bequests
For family other than his son and daughter, Gandolfini specifically provided:
- All of his tangible personal property other than clothing and jewelry to Deborah Lin, his second wife;
- $200,000 to Paulette Bourne, his assistant; and
- $100,000 to Robert Parish, his godson (how can you not see flashes of "The Godfather" in this?)
Any specific gift will come out of the total of the estate. That includes the sum of Gandolfini's assets (not contained in the trust) which will be liquidated to fulfill these gifts.
...And All the Rest
Typically, a will contains a "residuary clause" which divides the parts of the estate which are not used up by the specific bequests, estate taxes, and other expenses, and doles them out to specific persons.
The residue of Gandolfini's estate will be split by his wife, sisters and daughter, reports the AP. Gandolfini's son Michael will have control of the majority of his father's estate in trust by the time he turns 21.
- Inside the Will: James Gandolfini Leaves Millions to Family (ABC News)
- James Gandolfini's Death: Why It's Important to Revise Your Will (FindLaw's Celebrity Justice)
- Bada Bing! Business Tips From Tony Soprano (FindLaw's Free Enterprise)
- Residual Estate (FindLaw Answers)