What Happened
Famous figures with significant assets may be more vulnerable than most to exploitation by those closest to them, making it necessary for their rightful beneficiaries to take legal action to ensure their true final intentions are honored.
Keystone represented a close nephew of a 1960s Hollywood actor/singer/artist with a sizable estate, which was held in the actor’s trust. After the actor’s death, it was discovered that the actor’s caregiver-turned-close friend allegedly had initiated changes to the actor’s trust documents.
The previous iterations of the trust included our client as a residual beneficiary of at least 25% of the entire trust. However, a final trust amendment was purportedly executed in favor of the caretaker and the actor’s business manager that completely excluded our client from the trust. The business manager had been involved in the actor’s career and finances for an extended period before the actor’s death and was named trustee of his trust. There were additional allegations against the business manager/trustee for his actions as a fiduciary.
How Keystone Was Able to Help
Keystone became involved in the case before any lawsuit was filed, but after negotiations had already begun among multiple interested parties, including the caretaker and current trustee.
Through strategic and swift negotiations, Keystone secured a settlement ensuring that: (1) the caretaker received a specific amount and was removed from the trust; (2) our client received his rightful 25% of the trust; and (3) a neutral private professional fiduciary replaced the trustee.
Further, at Keystone’s request, settlement language was included that our client receive an additional amount for the attorney fees incurred in the matter, and that the beneficiaries of the trust receive a significant preliminary distribution from the trust shortly after the court’s approval of the settlement agreement. The preliminary distribution term was negotiated between our office and a multinational law firm that initially opposed specific language providing for an immediate trust fund distribution but eventually changed course and agreed. Thus, after approval from the court, our client received a preliminary distribution of over $2.5 million. In addition, he is now entitled to recoup certain attorney fees. Keystone managed to achieve all of this for its client without filing a petition to contest the final trust amendment.
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