Presence of Mind

Severely depressed individuals often neglect themselves and those who are close to them. Though he was depressed enough to take his own life, Robin Williams had the presence of mind (and love for his children) to tend to his complicated finances before the final act:

Williams took steps to protect his children with the creation of trusts. Williams left behind three children, Zach, Cody and Zelda from two different marriages. The terms of the trusts, while private, have been reported in the press as paying out to his children in three lump sums. The trusts are structured so the children each received 1/3 of the value of his or her trust at 21, half of the remaining assets at 25 and the balance at age 30.

Trust funds are favored as an estate planning tool because they give you control over your assets, but unlike assets that pass through a last will, they are not subject to estate taxes.

In addition to creating trusts to secure his children’s financial futures, Williams also is known to have created a real estate trust, which he named the Domus Dulcis Domus Holding Trust (which translates to Home Sweet Home in Latin). Giving the trust a name with no link to him offered a layer of privacy protection. Both his home in Tiburon and his ranch were placed in the trust and will protect the family from estate taxes on the properties and provide them with important equity in the properties. If these properties were not held in trust, a large portion of the value could be due as estate tax, drastically reducing the family’s holdings.

Most celebrities' reputations diminish substantially after they die, but I suspect Robin Williams' star will shine brightly for a long time.