Battle Over Farrah Painting

The media is abuzz with the pending Farrah Fawcett painting dispute between actor, Ryan O’Neal, and the University of Texas.  At the center of the legal battle is who owns an Andy Warhol silkscreen of the late Fawcett – Ryan O’Neal, her longtime companion and father of her son, or her alma mater, the University of Texas?

As reported in the Los Angeles Times, O’Neal claims his friend and famed artist, Warhol, created two paintings of the late Charlie’s Angels star – one for Farrah Fawcett and one for Ryan O’Neal.  Reportedly, Fawcett’s last wishes were for all of her artwork to go to the University of Texas.  So, that is where one of the Warhol pieces now hangs.  However, the University maintains that the other painting – that currently adorns O’Neal’s Malibu home – belonged to Fawcett and thus was also bequeathed to the University at the time of her death in 2009.

Avoiding Ambiguities

If Fawcett’s living trust included a detailed list of all the artwork the late actress actually owned and thus bequeathed to her alma mater, the current court case between O’Neal and the University might have been avoided.  Instead of solely looking at the “four corners” of a decedent’s will – probate courts and attorneys often must look beyond the document and introduce outside evidence to determine the actual intent of the decedent.

In order to avoid ambiguities in your final will and testament it is essential to ask questions of your attorney to ensure you are both on the same page when drafting your final wishes.  It is vital that you understand what all aspects of your will actually mean.

For example, a question that frequently arises with clients is asking what the difference is between a personal representative and a trustee.

Personal Representatives oversee the final execution of the will.  The personal representative operates in the overview of the court.  He or she takes the will to court, puts creditors on notice, pays out any final bills and taxes and distributes the remainder of the estate according to the will.

Trustees oversee a trust.  The trustee is responsible for managing the assets and/or investing the assets held in a trust.  Trustees typically do not fall subject to court review – the point of a trust is to keep assets out of probate court.  They basically control the money in the trust and owe a duty to adhere to the wishes laid out in the trust.  When the trust ends the trustee distributes funds according to the terms of the trust.

Understanding the language included in your final will and other testamentary documents is an important step that may avoid legal battles after you pass.

If needed, it is also essential to update your will.  Life circumstances often alter and thus updates and changes can be made to your existing will to accommodate life’s changes.

Legal Assistance

One of the top estate planning mistakes most people make – is not doing anything at all!  If you have questions regarding creating or updating a will, contact the Law Office of Mark Abell today at 310-489-0707 or mark@trustabell.com.

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