INXS lead singer was reported to be nearly penniless when he died.
INXS lead singer Michael Hutchence died in 1997 leaving behind a trust fund that was believed to be unfunded, yet family members now think his daughter will inherit millions when she turns 21, according to the Daily Mail in “Michael Hutchence’s daughter Tiger Lily is set to ‘inherit millions’ on her 21st birthday next week through a trust fund set up by her INXS musician father.”
When Hutchence committed suicide in 1997, it was learned he had almost no assets, except for a couple of nearly empty bank accounts. It was not clear what happened to the rights to his music.
However, his family now thinks that Hutchence’s daughter, known as Tiger Lily, could inherit millions, when she turns 21 in the next few weeks.
It is not entirely clear why the family has this belief, since many details about the trust are not public and the family does not control the trust. It could be that the rights to Hutchence’s music were placed into the trust, which would give it a regular income that could be given to beneficiaries.
Similar things can happen anytime an estate has a valuable asset that can earn a continual income.
For these types of estates, it is important to make sure the people in charge of them know how to maximize the potential of the assets, in order to get the most income out of them.