Last Will and Testament of Paul Newman

By Una Tiers, author of Judge vs Nuts

 

Paul Newman is one of my favorite actors and after he died, I found his will online.  Please understand that by day I sue people and at night I solve murders so there is a connection.

While an attorney undoubtedly wrote his will, it reminded me of the class that Newman always portrayed.  His will had well thought out categories:  airplane and racing cars; Oscars and other theatrical works; other tangible property; promissory notes and business interests.

Under the business interests section was the phrase: “any other entity that receives royalties…”

His will has a clause about personal property that says that he would leave a memorandum with suggestions about the division of personal property but that it wasn’t binding.

Overall his will was well written and leaves three major lessons about wills.  The first is that by organizing your assets into categories, the list will be more complete and comprehensive.   If you don’t have airplanes, start with real estate, cars, investments, retirement assets and personal property.

Personal property is often a contentious part of estates and Newman made recommendations that were not binding.  This is a nice middle ground.  Remember the ring, painting or car that you hold close to your heart may not be of interest to your son, daughter  or friend after you die.

The most important part for authors is the issue of royalties.  A good friend said her royalties wouldn’t buy lunch.  Setting aside humor, where will your royalties go after you die?  Would they fall into the catch all (residue) or go to a particular individual or charity?  Would you want your series books to continue with another author?  Would you want the rights to be sold?  Talk about this with an attorney in your area.

So rent The Road to Perdition and think about a list of assets, your royalties and personal property, just in case you want to get your affairs in order.  Incidentally I would give this estate plan a five star rating.

How many authors have an estate plan?

Una Tiers is the pen name for a Chicago attorney whose first humorcide, Judge vs Nuts, will be LAUNCHED  on Amazon on 2-29-12, her birthday.  Visit Chicago with protagonist Fiona Gavelle, and see where the trail to murder leads.  “Chicago doesn’t have any more corruption than other places, we just get better press coverage.”   Una Tiers.

Amazon link:  http://www.amazon.com/DP/B007BSD4RU

Visit Una at http://unatiers.com  or contact her at una@unatiers.com or unatiers@aol.com  She is also on facebook, linked in and goodreads.  Mention this blog and ask for a sample.

Book Trailer:  http://www.youtube.com/watch?v=55XqIbk0VY4

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10 Day Book Club introduces guest bloggers. We encourage people to share their love of writing. Send your submission to guestblog@10daybookclub.com and include your contact information within the content. All submissions must be written by the author. This is our way of helping writers share their message.

 

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Disclaimer:

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8 Responses to Last Will and Testament of Paul Newman

  1. Una Tiers says:

    Thank you Gayle the blog looks great.

    Una Tiers

  2. morgenbailey says:

    Hi Una / 10dbc. I have fond memories of Paul Newman from the Towering Inferno (and being smitten with Steve McQueen helped!) and Paul’s long marriage was certainly inspiration. Whilst I’m an up-and-coming author (as the saying goes) I have a LOT of already-written content behind me (literally, I’m surrounded by bookshelves with files) so it would be nice to think that even if I didn’t do something with all my creations during my lifetime that they could be put to good use thereafter. 🙂

  3. ellisv says:

    A good lesson for us all, Una. Thanks for pointing out the need to settle the disposition of any royalties (maybe after I die, I’ll become famous and sell a lot–who knows?).
    I’m another Newman fan, so it was doubly interesting.

  4. Una Tiers says:

    On my first date in college we went to see Butch Cassidy and the Sundance Kid, I do not know who I fell in love with more, Paul, Robert or my date.

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