Who inherited Burt Reynolds’ estate?
Introduction
When we die, we often believe we will leave our wealth to our family.
It might be our wife, husband, kids, or someone else. However, most of us intend to leave what we have to those who come after us so that we can at least try to make their lives a little bit easier.
However, it is a rare thing for us to leave any life-changing money to a family member when we die.
The average person will leave behind enough to help people but not enough to transform anyone’s life for the most part.
When a celebrity dies, they can leave their family with life-changing money.
Earning that kind of money through the inheritance of an estate can be a corrupting, malign influence when given to the wrong person.
With that in mind, many celebrities today leave their estate to charity or someone who could benefit more than run the risk of corrupting their children.
One person who fits this bill is Burt Reynolds.
@Getty
Having made his name through TV shows like Gunsmoke and Dan August, Reynolds left behind a massive estate when he died on the 6th of September 2018.
Aged 82, he died at his estate in Jupiter, Florida, and subsequently, people began to wonder: what would happen to all of his wealth?
Who inherited Burt Reynolds’ estate?
Let’s look at the information available to work out how the legend of everything from White Lightning and The Cannonball Run managed his affairs in the run-up to his death. Let us look at who received his estate when Reynolds passed on.
Did Burt Reynolds Leave A Will?
Loni Anderson & Quinton Anderson Reynolds – @Getty
Unlike many people in their 80s, Reynolds’ death was a surprise – he died rather unexpectedly. However, he had prepared a will he wrote in his mid-70s. In that will, he had left his son, Quinton, out of his will. To many, that seemed shocking: why would you leave your son out of your will?
For Reynolds, it was simple – he had looked after Quinton while he was alive, thanks to his Declaration of Trust. That trust was left to his son instead of his other wealth or estate.
Trusts are left to children because they are not taxable, like estates are, and the presence of a trustee means that the money cannot be blown away and wasted.
Also, with trust, you do not have those years-long waits to get your hand on the property.
Probate processes can take years and be emotionally draining: leaving his son the wealth he did via the trust meant that it could be accessed in small parts, ensuring that the money would not be lost quickly.
Did Burt Reynolds Fall Out With Quinton Reynolds?
@Getty
That was the rumor at the time, but it was nonsense. Instead, Reynolds made the smart choice to divvy up the money via the trust to avoid the implications and problems above.
With long-term management, Reynolds ensured that his son could benefit from the trust without having to do anything.
It would mean that his son would have his health and education paid for, as well as support and maintenance for living costs, but it would stop his son from being able to waste his left behind millions.
Trusts mean that at certain times in life, lump sums can be taken from the trust and given to the trustee.
That is very important, as it indicates that the money is shared intelligently, and it stops the recipient from spending whatever they want, whenever they want.
It also encourages the trustee to be smart with the money, using it to supplement their own success instead of blowing it all trying to live as a celebrity.
Who Took Control Of Burt Reynolds’ Estate?
Burt Reynolds in a publicity still issued for the film, ‘Deliverance’, USA, 1972 – @Getty
Given that he had not put his son in control of that money, then who managed to take control of it all?
His niece, Nancy Lee Brown Hess, became the Reynolds estate’s personal representative.
He also had his great nephew, Brian Ritchey Brown, and his great niece, Tracy Erin Rodgers, involved in the management and care of the estate.
Should anything happen to Nancy or Brian, then Tracy would become the manager of the estate.
All of his assets were listed as part of the trust, though, meaning that all of his estate assets became part of this singular trust.
Many believe this was a smart move to help get around the expensive and often damaging state taxes that tend to get attached to this kind of cost.
His relationship with his son was very strong: despite not being his blood son, Quinton meant the world to Burt, by all accounts.
Reynolds also noted in a 2015 interview that he had not been the smartest with saving his money in the past, having lost a lot of money due to a lack of care for watching over the income he had.
As such, he wanted to ensure that what remained of his estate – believed to be worth around $5m – would not be wasted or squandered in the aftermath of his passing.
Takeaway
@Getty
So, Burt Reynolds left his estate in control of his niece, and from first glance, it looks like he cut his son, Quinton, out of it. That, though, was not the case.
Quinton might have “only” been the adopted son of his ex-wife, Loni Anderson, but he loved him every bit as much as a father would love their own “blood” son. For Reynolds, then, the chance to leave behind a strong level of financial security for Quinton was kind.
However, to do so in the form of a trust, managed by the family members he trusted most to look after his wealth, meant that Quentin – or anyone else in the family – would not be able to use the money as they saw fit.
Perhaps going down this route in the future would make a lot of sense – avoiding handing over millions of dollars to people who have not earned it could help to prevent the corruptive force of money.
Think about people who win the lottery – they often go off the rails and squander it all due to a lack of management and foresight.
Reynolds ensured that his beloved family members would not have the chance to make that mistake, costing themselves thousands, even millions, of dollars in wasted investments and opportunities.
RIP, Burt – if only more millionaires took this approach.
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I am Bulgarea Candin Stefan, and I founded FamousPeopleToday.com in 2018. I’m using my bachelor’s degree in economics and 9 years of experience in blogging to guide millions of people through the incredibly complex world of celebrity net worths.