The estate of Hollywood legend Elizabeth Taylor, who died at the age of 79, has continued to increase in value and is currently worth between $600 million and $1 billion, according to CBS News. Yet some New York fans may be surprised to hear that the former actress' business, Liz Taylor, has contributed to most of her fortune.
"This was an entrepreneur," said Diane Brady, the senior editor of Bloomberg Businessweek. "So it wasn't just an actress who amassed a fortune. She was one of the first people out there basically branding her personality."
USA Today reported that Taylor's perfume brands, including White Diamonds and Passion for Men, have made nearly $69 million nationwide in retail last year. Her jewelry collection, which was valued at $150 million in 2002, is also expected to further increase her fortune if sold at auction.
On top of all that, Taylor's real estate worth is estimated to be at least $130 million, and her fortune will likely continue to grow, just like the estate of pop star Michael Jackson.
But with all this money coming in, who will inherit Taylor's estate?
Brady said she expects most of the money "will go toward AIDS. That was obviously something that was a big cause of hers. She raised more than $270 million for that through her foundation. Four children, I'm sure she'll give some of it to them. But realistically, I think that a lot of it will go toward the research that she felt was very important."
When it comes to distributing a large estate like Elizabeth Taylor's, preparing a will or other estate planning instrument is absolutely necessary to communicate a person's preferences for how they want their estate to be handled after their death. To learn more about your legal options when creating a will, talk to an estate planning lawyer who can explain the requirements for wills under New York state law while making sure your interests are met.
- Get In Touch With A New York Estate Planning Lawyer (FindLaw)
- How to Make a Will: FAQ (FindLaw)
- Why You Need a Will(FindLaw's KnowledgeBase)
- Michael Jackson's Estate Earns Millions Since Death (FindLaw's New York Estate Planning Law News Blog)