The news of Playboy founder Hugh Hefner's death came as a shock to some, but many people realized it was coming since he was 91 years old. What many people have wondered about is how he planned to care for his 31-year-old widow, Crystal.
Before the two were married, she signed a prenuptial agreement that's been called ironclad. She knew that she wasn't going to be included in his will. Some speculated that she was there for money, but now that he is deceased, some close to the couple note that she was truly there for love.
Now that he has died, been buried and his burial space sealed with kisses, it had become clear that he left his widow a home in Hollywood Hills. He also left her $5 million in accordance with the terms of their prenuptial agreement.
Mr. Hefner could have handled things in a few different ways besides the way he did. He could have obtained a life insurance policy and placed it in a life insurance trust for her. He also could have established a Qualified Terminable Interest Property trust that would have provided for her and then would have been handled in accordance with his instructions for it when she passed away.
Planning your estate takes a lot of thought. You need to think carefully about what you want to happen when you are gone and who you want to take care of with the assets that you have. Mr. Hefner's plans show how a will, trusts and other estate planning tools can help you meet your goals for your estate.
Source: Investment News, "How will Hugh Hefner's estate 'look after' his widow's finances?," Greg Iacurci, Sep. 29, 2017