Robin Williams, the beloved comedian and actor known for iconic roles such as Mork from Ork, Mrs. Doubtfire, and Peter Pan, was not only a talented entertainer but also a compassionate individual who cared deeply for those around him. His kindness extended beyond the screen, with many recalling how he uplifted friends, including his college roommate Christopher Reeve, after his tragic accident.

While Williams is greatly missed by his fans, the loss is felt most profoundly by his three children, Cody (22), Zelda (25), and Zachary (31). Williams often spoke of the joy and positive impact his children had on his life, and according to documents obtained by TMZ, he took thoughtful steps to ensure they would inherit responsibly.

These documents revealed that Williams had set up a trust for his children, distributing their inheritance in stages: one-third at 21, half at 25, and the remaining share at 30. While his publicist has noted that these documents may be outdated, they highlight an important consideration for families: how and when to pass on wealth to beneficiaries.

Williams chose to begin distributing his wealth during his lifetime, a strategy that allowed him to offer financial guidance and support to his children as they matured. This approach also gave him the joy of seeing how his gifts could create opportunities for them, while potentially offering tax advantages. However, distributing assets before death isn’t always possible or preferable, depending on an individual’s financial situation.

For families considering the best way to distribute wealth, staggered payments based on a beneficiary's age, as Williams implemented, can be a wise option. It helps protect children from making impulsive financial decisions with long-term consequences. However, no matter the method chosen, ensuring that beneficiaries are educated about responsible financial management is essential to preserving and wisely using inherited wealth.

Though your options are virtually limitless, proper estate planning -deciding on the “who, what, when, and how” and executing this with the least amount paid in taxes, legal fees, and court costs possible can be a challenging and an emotional affair to wrestle with alone. For more information, contact us today.