Matthew Perry, who was most recognised for playing Chandler Bing on the popular sitcom Friends, passed away on Saturday at the age of 54.
A large chunk of Perry’s wealth came from his legendary position on the programme, which brought in an estimated $20 million annually in syndication and streaming royalties.
It’s now unclear what will happen to Perry’s Friends residuals, or residual payments.
Based on California law, there are three ways that Perry’s residuals could be inherited, according to Charlie Douglas, president of HH Legacy Investments and certified financial adviser.
First off, Perry might have designated one or more people as the recipients of his residual payments. Naming a beneficiary for retirement savings is comparable to this.
Secondly, he may have designated a beneficiary that would choose the recipient of the residuals—a trust.
Since trusts are secret, unlike wills, Perry’s “Friends” income may remain a mystery to the public.
Finally, it’s possible that Perry did not designate any beneficiaries at all, in which case the division of his assets would be decided by state law.
Perry’s parents would probably get his royalties and other assets because he never got married or had kids.
They could, however, elect to waive their claim to the residuals using a “qualified disclaimer,” therefore transferring the funds to Perry’s half-siblings.
In the absence of a qualified disclaimer and beneficiary designation, Perry’s assets would be distributed by the probate court system.
Perry might have also decided to donate to charitable organisations and leave his estate outside of his family.
He was well-liked both personally and professionally, and he was well-known for his charitable endeavours, which included work with addiction disorders.
Perry was establishing a foundation for causes relating to addiction and had previously created a sober living centre at his Malibu house.
Finally, it’s still unclear what will happen to Matthew Perry’s “Friends” leftovers.
Although his parents will probably be the first to benefit, they might decide to give his half-siblings the right instead.
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