Although singer Michael Hutchence died having almost no assets, his estate might now be worth millions.
When the former lead singer of INXS committed suicide in 1997, his family was shocked to learn that he had almost no assets. His bank accounts were nearly empty. Real estate he had told them he owned, turned out to belong to other people.
It was not clear what happened to the rights to his music either.
However, now his family thinks Hutchence’s daughter, known as Tiger Lily, could inherit millions when she turns 21 in the next few weeks.
Before he passed away, Hutchence set up a trust fund. The family thinks the trust now has assets for Tiger Lily to inherit, 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.”
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 that 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.
We may learn soon whether the Hutchence’s estate does have those people in charge.
Reference: Daily Mail (July 16, 2017) “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.”
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