Elizabeth Taylor's Estate: A Private Affair

In the realm of Hollywood icons, Elizabeth Taylor's estate planning strategies made sure that her final wishes remained shrouded in secrecy. When she passed away from congestive heart failure on March 23, 2011, at the age of 79, she took deliberate steps to keep the specifics of her estate confidential.

Elizabeth Taylor opted for a revocable living trust as the governing document for her estate plan, a strategic move that prevented the public from accessing the details of her assets. Unlike a last will and testament, trusts do not require probate, which means they remain private affairs.

However, Taylor's desire for privacy did not stop one of her beneficiaries from revealing his inheritance. Larry Fortensky, her seventh and final husband, who was married to Taylor twice during her eight marriages, openly discussed the bequest he received from the late actress's estate after her death. He disclosed that he had received $825,000 from Taylor's attorneys and had been awarded $1.5 million during their divorce.

Larry Fortensky, who is 20 years younger than Taylor, met the legendary actress while both were in rehab at the Betty Ford Center. Taylor was there for addiction to pills, while Fortensky sought treatment for his chronic beer addiction. The couple married in 1991 at Michael Jackson's Neverland Ranch but divorced in 1996. Following the divorce, Taylor continued to provide him with financial support, sending him $1,000 per month because she believed he needed assistance.

Despite their divorce, Fortensky and Taylor remained in close contact, speaking on the phone regularly, with their last conversation taking place the day before Taylor was hospitalized for the final time. Fortensky noted that her voice was weak due to fluid on her lungs caused by her failing heart. Her death was unexpected, and Fortensky learned of it from television reports a few days later.

Fortensky's life took a downturn after his marriage to Taylor. He suffered severe injuries from a fall during a drunken party, leading to medication-induced bloating, gray hair, and short-term memory loss. His sister, Donna, helped care for him in a rented bungalow in Menifee, California.

While Fortensky shared details of his inheritance from Taylor's estate, the other beneficiaries remained discreet. The terms of her revocable living trust have remained private, as intended. It is widely believed that the trust distributed the majority of her assets to her children, grandchildren, and various charitable organizations. Taylor's net worth at the time of her death was estimated to be between $600 million and $1 billion.

The lesson from Elizabeth Taylor's estate planning approach is clear: if you desire confidentiality for your estate, consider establishing a revocable living trust and advise your beneficiaries to maintain discretion after your passing. This approach allows your estate to bypass the public probate process, safeguarding your financial affairs from the prying eyes of the outside world.