Celebrity

Who Inherited Farrah Fawcett’s Money?

Who inherited Farrah Fawcet’s money? – We’ve all wondered this, and we’re not the only ones. Farrah left $4.5 million to her son Redmond O’Neal in a trust, which her producer friend Richard Francis will serve as trustee. While Redmond is entitled to the interest income the trust generates, he will only be able to tap into the principal for health care expenses. In addition, he will not be able to use the principal for legal defense or bail when he gets involved with the police. As a result, the estate is likely to amount to about $300 thousand a year before taxes.

Redmond O’Neal: Farrah Fawcett’s will left the bulk of her fortune to his troubled son. His mother died of cancer in 2006, and he will receive $4.5 million from his mother. Redmond O’Neal also has several legal problems, including multiple court battles and drug addiction. He will be awarded $4.5 million from the estate.

The trust fund: Fawcett left behind a 54-page document detailing her wishes regarding her money. The trust fund’s terms stated that the principal would be used for her care. Francis had discretion over how much money Redmond could collect from it and could use it to rehab. However, Redmond was not allowed to spend any of her own money directly. The trust also specified that the trust fund could only be accessed four times a year. Moreover, she could only withdraw money during specific monthly periods.

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