Who Owns Heath Ledger’s Oscar? A Primer in Wills, Trusts, and Guardianship Laws
Posted on | February 24, 2009 |
Before he died, Heath Ledger executed a will (see “What Happens If I Die Without a Will?”) giving his entire estate to his parents and daughter, Matilda. The parents disclaimed any rights to the estate, giving 3 year old Matilda $20 million. Since her parents made the disclaimer, the Oscar statuette then passes to Matilda. However, the Academy has a policy – winners are forced to sign a right of first refusal contract with the Academy – stating that before the actor or actress agrees to sell their Oscar they must first offer the Academy the opportunity to purchase it for $1. This essentially prevents actors from selling the statuette to the highest bidder, thus diluting the brand. Nevertheless, because of Matilda’s age, she cannot legally sign the document until she reaches the age of majority.
A court appointed guardian (see “Why Do I Need a Guardian For My Child?”) could control the statuette until she turns 18, but cannot make a promise that legally binds a child after the child reaches 18, thus exposing the Oscar to possible sale by Matilda. The Academy’s solution was to place the Oscar in trust (see “What Are the Advantages of a Trust?”) naming Matilda’s mother, Michelle Williams as trustee. When Matilda reaches the age of 18, the trust will release the Oscar to her provided she signs the agreement. If she does not, the Oscar must be returned to the Academy. Story via Prof. Beyer.
Tags: asset protection > attorney > celebrity > guardianship > heath ledger > lawyer > san diego > trust > Wills
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2 Responses to “Who Owns Heath Ledger’s Oscar? A Primer in Wills, Trusts, and Guardianship Laws”
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February 24th, 2009 @ 2:23 am
Nice writing style. Looking forward to reading more from you.
Chris Moran
March 19th, 2009 @ 11:17 am
WOW that is cool that his parents just let his daughter have all that money. Its a shame we lost such and amazing persone/ actor.