Jay Leno’s Estate Plan Provides for His Wife’s Care … And Of Course, His Cars
Keanu Reeves isn’t the only celebrity who has been thinking recently about his own death. Former late-night talk show host and comedian Jay Leno has not only been thinking about his end of life — he’s also wisely made updates to his will to ensure those he loves are properly cared for after his passing. And yes, those provisions include long-term plans for his impressive collection of automobiles and motorcycles.
Enduring care
In late August, InTouch Magazine reported that Leno had recently amended his will and 41-page trust to better provide for his wife’s ongoing care if he should pass away first.
Leno, 74, married his wife Mavis in 1980, and the two have no children. Earlier this year Leno revealed that Mavis, 77, had been suffering from dementia, although he did not specify with which type of this devastating disease she had been diagnosed. Although he has long served as his wife’s primary caretaker, Leno filed for official conservatorship in January.
“Mavis has been progressively losing capacity and orientation to space and time for several years,” the filing, which was obtained by Entertainment Tonight, stated. “Jay is fully capable of continuing support for Mavis’ physical and financial needs, as he has throughout their marriage,” the filing read. However, her “current condition renders her incapable of executing the estate plan.”
A court-appointed official confirmed the condition of Mavis Leno, a philanthropist who worked tirelessly, yet mostly behind the scenes, to run and support a variety of nonprofit organizations and causes, including the plight of women and girls in Afghanistan. After spending time with Mavis and speaking with her physicians, the official encouraged the court to grant Leno’s petition for conservatorship over his wife’s health and person, which they ultimately did in April.
According to InTouch, in their report the official said, “Ms. Leno was a delightful person, and although it was clear she had cognitive impairment, she still has a charming personality and could communicate … She reposed great faith and confidence in Mr. Leno and relied on him for her protection and guidance.”
Revised terms
Originally, Leno’s will and trust provided $3 million for Mavis’ care, which would be entrusted to Mavis’ brother, her only living relative, and Leno’s nephew, who are the only individuals named as beneficiaries in Leno’s will. However, the conservatorship official recommended that Leno increase that amount. Accordingly, Leno recently amended his trust to include a $7 million provision to his beneficiaries.
In addition to the specific provision for Mavis, the majority of Leno’s estate will go to the surviving spouse first, then to the JDM Foundation, a nonprofit organization the couple established in 1988. According to sources, the foundation has given tens of millions to organizations, including multiple colleges and universities, human rights and feminist efforts, and entities that support animals and health.
Leno has often shared that he and Mavis have never used any of the money he made as host of The Tonight Show for living expenses, relying instead on his income from stand-up comedy shows and hosting car shows. His Jay Leno’s Garage 3.7-million-subscriber YouTube channel and TV show also earn the collector up to $200k per month. Leno’s total net worth was estimated at $450 million in 2021.
Leno’s will also instructs the JDM Foundation to create a private operating foundation to create and manage a museum for the Leno Collection, which includes more than 180 cars and 160 motorcycles and is valued at more than $52 million. Leno designated three specific individuals to serve as the museum’s initial directors.
A great example for others
In his filing, the court-appointed conservatorship official positively supported Leno’s initiative in planning for his wife’s care and the future of the couple’s assets.
“No one lives forever, and the actions taken by Mr. Leno are reasonable and necessary for his and Mavis’ protection. Mavis does not object to the petition and in my opinion consents to it. Mr. Leno is her protector, and she trusts him. This estate planning is in her best interest and protects her interests,” the filing read.
Jay Leno’s foresight to apply for conservatorship now and ensure there are no financial loose ends after the couple’s death can serve as an excellent example for others in similar situations to follow — even if their estate is nowhere near half-a-billion dollars. In fact, many attorneys have discussed the Lenos’ case on their respective podcasts and blogs as a cautionary tale, sharing that applying for conservatorship is a detailed, lengthy, and expensive process and should be used as a “last resort” option in similar situations.
One law firm recommends executing documents including a power of attorney, healthcare directive, and a living trust before one of the principals becomes ill or incapacitated — something that deathcare professionals also support.
