Lou Reed’s widow and sister named sole beneficiaries of his estate
According to numerous news sources, after legal papers were filed for probate in Manhattan Surrogate’s Court, it has been reported that the musician made clear directives for the division of his assets and wealth.
His estate, which includes properties in Manhattan and East Hampton, his touring company, jewellery, art, cars and boats, was valued at around $15 million (£9.3m) and is to be shared in a 75/25% split between his wife Laurie Anderson and sister Margaret respectively.
Mr Reed also made a bequest in his Will for the setting aside of $500,000 for the care of his mother, 93, for the rest of her life.
The Will named Mr Reed’s business manager and accountant as trustees of the estate. They will be required to collect royalties and to manage copyrights and licensing issues in respect of the rock star’s music and poetry.
Speaking to the New York Post, Mr Reed’s lawyer said, “It all stays in the family.”
Mr Reed and Ms Anderson did not have any children.News