Farrah Fawcett portrait by Andy Warhol at center of legal battle

The trial for the Farrah Fawcett Andy Warhol Painting started around November 20. When Farrah Fawcett died she leftFarrah Fawcett her artwork to the University of Texas.

She left nothing in her Will nor her revocable trust to Ryan O’Neal. He has possession of the $30 million Warhol and the University filed suit to recover it.

Ryan claim’s that the painting was jointly owned and it is hanging in his bedroom. He claims that he and Farrah also owned a Warhol painting called “Napkin” and on the back of that painting is an inscription to both of them from Warhol.

This certainly underscores that when the stakes are high and the dollar values significant it is important for art bequests to be made even more specific in estate planning documents.

I assume evidence such as how the property was insured while living, deeds of gift, intent, circumstances as to how Farrah acquired it and how it ended up in Ryan’s home will all be brought forward. This trial will also expose many private aspects of Farrah Fawcett’s life.

The star witness is a man whose identity had always been kept private and he is producing decades of love letters from Farrah to him, proving that Ryan O’Neal was not the sole man in her life.

Don’t let this happen to you.  Make sure you provide specific details of your wishes to your loved ones don’t end up in court!

Source:  LATimes.com

 

P.S. Click the link below for a trial update: http://bostonherald.com/inside_track/celebrity_news/2013/11/trial_over_disputed_fawcett_portrait_opens_in_la

 

 

Patricia Annino is a sought after speaker and nationally recognized authority on women and estate planning.  She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about.  Annino recently released an updated version of her successful book, Women and Money: A Practical Guide to Estate Planning to include recent changes in the laws that govern how we protect our assets during and beyond our lifetime.  To download Annino’s FREE eBook, Estate Planning 101 visit, http://www.patriciaannino.com

Speak Your Mind

*

css.php