Interesting Estate Planning Tidbit: Walt Disney's Estate Plan

Walt Disney passed away on December 15, 1966. He died testate (meaning that he passed away leaving a Will). His Will was probated in California on December 21, 1966. Because there was a probate, Walt Disney's Will became part of the public record and can be found online (with a simple internet search). 

Briefly, Walt's Will distributed his estate as follows:

• Personal Effects ("the stuff"). Walt left all his personal effects to his wife, Lillian, if she was surviving. If Lillian was not surviving, then the personal effects were to be divided between Walt's surviving daughters.

• Remainder Estate ("everything else"). Walt divided his estate to the following beneficiaries as follows:

  • 45% to his wife, Lillian, to be held in trust for her life (the Disney Family Trust). Upon the death of Lillian, the remainder of the Disney Family Trust was to be divided between Walt's daughters (Diane Disney Miller and Sharon Disney Brown) and held in trust for life. Upon the death of Diane and Sharon, the remainder of the Disney Family Trust was to be divided among Walt's grandchildren (in MESH trust until age 30).

  • 45% to a Charitable Trust (to be split between the Disney Foundation (5%) and the California Institute of the Arts (95%)).

  • 2.5% to Marjorie Davis, to be held in trust for her life. Upon Marjorie's death, the remainder of her trust was to be divided between Nanette Davis, Geoffrey Davis, and Melinda Davis (in MESH trust until age 30).

  • 2.5% to Dorothy Disney Puder, to be held in trust for her life. Upon Dorothy's death, the remainder of her trust was to be divided between Linda Puder, David Puder, and Paul Puder (in MESH trust until age 30).

  • 2.5% to Ruth Flora Beecher, to be held in trust for her life. Upon Ruth's death, the remainder of her trust was to be distributed to Theodore Beecher (in MESH trust until age 30).

  • 2.5% to Phyllis Bounds, to be held in trust for her life. Upon Phyllis' death, the remainder of her trust was to be divided between Alexandra Detiege, Victoria Detiege, and Clancy Detiege (in MESH trust until age 30).

If Walt Disney had a Living Trust, instead of a Will, then the general public would not know who the beneficiaries of his estate were or how his beneficiaries would receive their share. Why? Because generally speaking, a Living Trust is public to the beneficiaries, but private to anyone else. If privacy is an important factor for you, then you may want to consider a Living Trust instead of Will.

If you want to learn more about the pros and cons of Wills and Trust, or if you want to schedule an appointment to discuss your estate plan, please call Rehberg Law Group at 206.246.8772.