When musician Lou Reed was recording with the Velvet Underground and later as a solo artist, he took many chances. This effort to produce innovative music earned Reed a reputation as one of the most influential musicians of his age. However, as was revealed upon the musician's passing, Reed didn't take any chances with his assets. He took time to go through estate planning and clearly laid provisions to distribute assets to his loved ones and manage his extensive music catalog.
When Lou Reed died from liver complications, he was prepared to leave his legacy behind for those he loved most. His property and much of his financial estate was given to his wife. Reed never had any children, so he left a share of his estate to his sister and established a sizable fund for his mother's health care. One option to provide finds for medical expenses would have been a trust, but it’s unclear if this is the route he took.
Even though Reed passed away, his music will live on and continue to influence new generations of musicians. As a result of this, his body of work will continue to earn money. In fact, his music has seen a jump in commercial success since his passing. According to Reed's will, his accountant and business manager will handle licensing and other revenues from his valuable music portfolio.
Because this part of Reed's estate will continue to earn money, it's important that the individuals trusted to handle this are up to the job. In addition, there is hopefully a plan to handle his music catalog over the coming years in the event that his accountant and business manager can no longer handle the duties assigned to them.
As Reed's legions of fans continue to remember him for his contributions to the world of music, his family will rest easy knowing that his final wishes will be carried out.
Source: Los Angeles Times, "Lou Reed's will revealed as remembrances continue," August Brown, Nov. 6, 2013