Beloved actor Matthew Perry, known for his role as Chandler Bing on “Friends,” passed away at the age of 54, leaving behind a loyal fanbase and a substantial estate. A majority of Perry’s wealth came from his iconic role, with reports estimating an annual income of $20 million from syndication and streaming revenue. Warner Bros., the owner of the show’s distribution rights, declined to comment on the residual payments. The fate of Perry’s “Friends” residuals will depend on the beneficiaries listed in his estate plan. He could have designated individuals or a trust to receive the payments. If he did not name any beneficiaries, state laws will determine their distribution. In California, where Perry resided, his parents are likely to inherit his royalties and other assets, as he did not have a spouse or children. However, his parents could choose to relinquish their rights to the residuals, allowing them to pass to his half-siblings. Estate planning is crucial for individuals with significant assets, as it avoids probate, which can be expensive and time-consuming. Perry may have also chosen to leave part of his estate to charitable causes due to his philanthropic interests, including his work with addiction issues. Charitable contributions can help reduce or eliminate estate taxes. It is important for high-net-worth individuals to work with advisors to ensure their estate plans are well-structured.
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