All About Estates

The Jeffrey Epstein “Plot” Thickens…Last Will and Testament Signed 2 Days Prior to Death!

Jeffrey Epstein (“Epstein”) signed a will just 2 days before he was found dead in his jail cell, raising new queries about his final days inside the Manhattan Correctional Centre, where he was awaiting trial on federal sex trafficking and conspiracy charges. This new development adds to what is likely going to be a long battle over the estate of the financier and convicted pedophile.

While the criminal charges against him may be dropped now that Epstein is dead, the civil lawsuits against his estate will be ongoing. Epstein’s personal holdings are said to total more than $577,000,000, consisting of more than $56,000,000 in cash, $14,000,000 in fixed income investments, $113,000,000 in equities, $195,000,000 in hedge funds and private equity and 6 pieces of real estate around the world collectively worth over $178,000,000.  He also apparently owned $18,500,000 in cars, aircraft and boats.

Epstein appointed Darren Indyke and Richard Kahn as the executors of his will, each of whom would receive $250,000 for acting. Epstein’s brother, Mark Epstein, is the only known living heir, but that doesn’t mean he will receive the whole of Epstein’s estate.  It seems that Epstein intended to transfer his assets into a trust, known as The 1953 Trust, the contents of which are private, to prevent his victims from receiving any part of his estate.

I am curious to see what happens with the distribution of Epstein’s estate and whether his assets were successfully transferred to The 1953 Trust prior to his death or if the transfer would be considered a fraudulent conveyance, but it will likely take a very long time before the rest of the story unravels. Stay tuned!

About Brittany Sud
Brittany Sud is a member of the Trust, Wills, Estates and Charities Group at Fasken, Toronto office. Brittany is developing a broad estates and trusts practice with a focus on planning and administration matters. As part of her practice, Brittany assists high net worth clients, entrepreneurs and professionals with Wills, powers of attorney, domestic contracts and trusts. She has experience developing and implementing cohesive estate plans that reflect the financial objectives and short and long-term goals of clients, including advising on probate planning, family business succession planning, asset protection strategies and disability planning. Brittany’s estate administration practice includes preparing applications for probate and administering the Canadian estates of non-residents. Outside of the office, Brittany enjoys playing softball and tennis, travelling and cooking. She is a dedicated volunteer of the United Jewish Appeal, Jewish National Fund, One Family Fund and Baycrest Foundation. Community Involvement • Host, Baycrest Foundation - Game Night for Baycrest, 2015 • Chair, Pitch for Israel Softball Tournament, 2014-2016 • Vice-Chair, United Jewish Appeal Young Lawyers Leadership Campaign Canvassing Team, 2016 Memberships and Affiliations • Member, Canadian Bar Association • Member, Ontario Bar Association - Trusts and Estates Law Section • Member, Ontario Bar Association - Young Lawyers’ Division • Student Member, Society of Trusts and Estates Practitioners (STEP) Canada

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