The late fashion designer L'Wren Scott's will leaves her entire $9 million estate to her boyfriend, Rolling Stones lead singer Mick Jagger.
Scott's estate includes jewelry, furniture, clothing, automobiles, and property, Reuters reports.
Although Scott had surviving family members, she chose to omit those potential heirs from her will. A closer look at the will itself may prove instructive for those making their own estate-planning arrangements.
Scott's Will Omits Relatives
While most people leave parts of their estate to family members, L'Wren Scott chose to omit all relatives from her will. Scott's two siblings are still alive, but will receive nothing under the will's terms. Instead, she left everything to Jagger.
Here are some interesting components of Scott's will (which was obtained by the New York Daily News):
- Scott named Adam Glassman, the creative director of O Magazine, as the executor of her will.
- As executor, Glassman is authorized to continue operations of any of Scott's businesses or to sell or liquidate if he deems it appropriate.
- Scott's final will revokes any prior wills or codicils she may have previously made.
While it's unclear why Scott chose to leave her siblings out of her will, the Daily News that Scott hasn't spoken to her sister, Jan Shane, in six years. Her other brother, Randall Bambrough, was a director of Scott's fashion business at the time of her death.
A Few Legal Lessons
Scott's will can provide some legal lessons and insights for putting together your own. Here are just a few:
- Heirs can be omitted. By making it clear in your will, you can prevent any potential heirs from inheriting from your estate. However, even if you disinherit your minor kids or a current spouse, some states still allow them to claim an inheritance. According to Scott's will, she was previously married and died without children.
- Be sure to properly revoke prior wills. For the most current will to be effective, you must revoke all old wills. Each state has laws describing valid ways to revoke a will. For example, like Scott's will, it's sufficient in some states to add a clause that scraps the previous wills.
- Carefully choose an executor. Executors have the legal responsibility of carrying out any remaining financial obligations of the deceased, so it's important to choose a trustworthy person that'll carry out your intentions.
L'Wren Scott was found dead in her New York City apartment last month; her death was ruled a suicide, according to Reuters.
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