Matthew Perry's $20M residuals: Who'll inherit it after his passing
Matthew Perry, famous for his role as Chandler Bing on F.R.I.E.N.D.S, left behind an annual residual income of approximately $20M, following his demise on October 28. Per reports, the distribution of these residuals depends on whether he designated beneficiaries in his agreements with the Screen Actors Guild and the American Federation of Television and Radio Artists (SAG-AFTRA). With no spouse or children, this aspect raises questions about the future of his considerable earnings.
Why does this story matter?
F.R.I.E.N.D.S (1994-2004) cast is renowned for being one of the highest-paid ensembles in TV history. They collectively earn an estimated total of $120M annually from reruns. Each of the main cast members, including Perry, Jennifer Aniston, Courteney Cox, David Schwimmer, and Lisa Kudrow reportedly receive around $20M per year. Per Parade, the show is said to generate approximately $1B in annual syndication revenue.
But first, what are residuals?
Residuals are the extra income that actors receive when their work is reused or rebroadcast. These payments are typically owned by the actor's estate, and after their passing, they are considered part of their personal property.
Heirs might inherit Perry's residuals in this case
Los Angeles entertainment lawyer Tre Lovell explained to The Post that in the event of a situation like Perry's passing, there are three possible scenarios. One option is that he may have had a trust in place, which would be managed privately by a designated trustee. Another possibility is that he had a will. If he had neither a trust nor a will, there is a statutory framework that designates his heirs to inherit his estate.
Who are the potential beneficiaries of Perry's estate?
In the absence of a trust or will, Lovell further explained that the statutory framework would come into play to determine the allocation of Perry's estate. Since the actor had no spouse or children, his living parents, John Bennett Perry and Suzanne, would be the primary beneficiaries. Perry is also survived by a large family, including his famous stepfather, Dateline's Keith Morrison, and five half-siblings.
Philanthropic activities and family choices could influence the distribution
Perry's philanthropic endeavors could have a significant impact on the division of his estate, mentioned Lovell. He might have assigned a portion of his wealth to specific charitable causes or organizations. Lovell noted that since Perry had a significant connection to recovery due to his struggles with addiction, there is speculation that he may have designated his assets to benefit a charity or an addiction recovery organization.
Perry passed away aged 54
The 54-year-old actor was discovered unresponsive in the jacuzzi of his Los Angeles home on October 28. First responders declared him dead at the scene. According to a report by TMZ, the police did not discover any illegal drugs at Perry's residence. However, they found prescription drugs, including antidepressants.
