What Does Farrah Fawcett's Revocable Living Trust Say?
And Who Inherited Farrah Fawcett's Estate?
Farrah Fawcett, best known for her role as Jill Munroe in the TV show "Charlie's Angels," died on June 25, 2009, at the age of 62 after battling anal cancer for three years. The actress's death was overshadowed by that of 50-year old King of Pop Michael Jackson, who died later on that same day.
In November 2009, the contents of Ms. Fawcett's revocable living trust, which was the governing document of her estate plan and should have remained a private agreement, were nonetheless revealed to the public when somehow the website RadarOnline.com obtained a copy of the trust agreement.
A complete review of the 54-page document called The Third Amendment to and Complete Restatement of the Fawcett Living Trust dated December 5, 1991, which was signed by Farrah Fawcett on August 9, 2007, reveals the following:
- All of Farrah Fawcett's artwork was left to the University of Texas at Austin. This bequest has been the subject of controversy since July 2011 when the university sued actor Ryan O'Neal, claiming that he stole a portrait of the actress made by Andy Warhol worth an estimated $12 million from the actress's LA condo after her death. However, in late December 2013, a jury ruled in favor of Mr. O'Neal, allowing him to keep the Warhol portrait. Mr. O'Neal was the longtime on-again, an off-again boyfriend of Ms. Fawcett and the father of her only child, Redmond O'Neal, who is discussed in more detail below.
- All of Farrah Fawcett's other personal items, such as jewelry, clothing, furniture, collectibles, and the like, were left to her nephew, Greg Walls.
- The sum of $100,000 was left outright to an ex-boyfriend, Gregory Lawrence Lott. Rumors circulated after Ms. Fawcett's death that she was still involved with Mr. Lott immediately prior her death.
- The sum of $500,000 was left outright to nephew Greg Walls.
- The sum of $4,500,000 was left in a lifetime trust for the benefit of Ms. Fawcett's son, Redmond. Producer Richard Francis is named as the Trustee of this trust. When Redmond dies, anything remaining in his trust will be distributed to The Farrah Fawcett Foundation, which is discussed in more detail below.
- The sum of $500,000 was left in a lifetime trust for the benefit of Ms. Fawcett's father, James Fawcett, who was still living at the time of his daughter's death. (Her only sibling, a sister, died in 2001 and her mother died in 2005.) However, Mr. Fawcett died in August 2010 at the age of 92. Producer Richard Francis was named as the Trustee of this trust. When Mr. Fawcett passed away, Ms. Fawcett's trust agreement provided that anything remaining in his trust was to be added to Redmond's trust.
- The balance of Fawcett's estate was left to The Farrah Fawcett Foundation. It is a private foundation founded by Ms. Fawcett in 2007. On its website, the foundation states that its mission is to provide funding for cutting-edge cancer research, prevention, and to help those struggling with cancer today, with an emphasis on anal and pediatric cancers.
So why did Ms. Fawcett chose to omit Mr. O'Neal as a beneficiary of her estate and trust? Of course, no one can know for sure. While Michael Jackson specifically stated in his Last Will and Testament that he chose not to make any provisions for his ex-wife and the father of two of his children, Deborah Jean Rowe Jackson, after his death, he did not mention one word about his father, Joe Jackson, who received nothing.
Likewise, Ms. Fawcett chose not to mention anything at all about Mr. O'Neal. Instead, she left a specific bequest to an ex-boyfriend. Perhaps that's the ultimate insult.