Raquel Welch, whose acting career spanned five decades, passed away in February at the age of eighty-two. Welch was more than an actress. She was also a savvy businesswoman with several successful ventures, including a fitness program, a wig line, and celebrity product endorsements.
Her reported net worth of $40 million will presumably go to her two adult children, although there are few public details about Welch’s estate plan. This suggests that Welch was also savvy about estate planning and may have set up a trust for her loved ones.
She was married and divorced four times and is survived by her son Damon and her daughter Tahnee, both of whom are in their sixties. Her net worth is estimated at $40 million.
Did Raquel Welch Have an Estate Plan? The lack of reports about Welch’s estate plan leaves fans to wonder what will become of her fortune. Yet this silence, together with details about her family, offers some clues.
A Trust Could Preserve Privacy. Although fame took a toll on Welch’s children, she worked to repair her relationship with them, and by all accounts, they were on good terms when she died. They made public appearances with their famous mother over the years, but according to Hollywood Life, Damon, and Tahnee lead very private lives. It would therefore make sense that Welch set up a trust for her children rather than having a will. Trusts avoid the probate process and stay private. A will must go through probate, and it becomes a public record.
In addition to providing tax savings, a revocable trust would allow Welch’s money and property to pass to Damon and Tahnee as privately as possible. Welch, in this scenario, would have transferred money and property to the trust during her lifetime and designated her children as beneficiaries. Among these accounts and property could be Welch’s Beverly Hills mansion, worth an estimated $3.5 to $4.5 million.
Charitable Giving. Welch was charitably inclined, as evidenced by her donation of millions of dollars’ worth of wigs to the American Cancer Society. Welch had been a spokesperson for the organization since 1975 and was touched by notes from women who received her wigs. It is possible that Welch wanted to continue her philanthropy even after death. If so, her estate plan could include a donation to the American Cancer Society and similar nonprofit groups.
Estate Planning Is Not Just for Celebrities. Many celebrities die without an estate plan, leading to lengthy and highly public court battles. But dying without an estate plan is not unique to celebrities. Around two-thirds of Americans do not even have a basic will, let alone more advanced documents like a living will, medical directives, and powers of attorney.
We may learn more about the fate of Raquel Welch’s fortune in the next few months. Regardless, her passing serves as a reminder that you do not have to be a celebrity to create an estate plan. Every adult should have a plan, regardless of their status or net worth. Not having an estate plan means having no control over what happens to your assets in the case of disability or death.
To take control of your legacy, start planning today: call or contact our office to schedule a consultation.