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Did Stevie Ray Vaughan have a Will?

October 6, 2022
David Parker, Esq.
How to provide asset protection
David Parker, White Plains and New City NY Estate Planning Attorney
David Parker, Esq.
David Parker is an attorney who specializes in Estate Planning and Elder Law and has been practicing law for 30 years. Be it Wills, Trusts, Powers of Attorney, Health Care Proxies, or Medicaid Planning, David provides comprehensive and caring counsel for seniors and their families. A large portion of David’s practice is asset protection strategies so that families do not lose their hard earned savings to nursing home care costs. He also handles probate administration for the settlement of estates.
After Vaughan tragically died, the matters of his estate were decided by state and the Vaughan family.

MSN’s recent article entitled “Here's Who Inherited Stevie Ray Vaughan's Money After His Death” says that Stevie Ray Vaughan's impact on rock is immeasurable. Many musicians have paid tribute or cited him as a reference, like John Mayer, Corey Stevens and more.

Vaughan died in a helicopter crash on Aug. 27, 1990. He died with no will or surviving spouse and children. In accordance with state law, his next of kin -- his brother Jimmie Vaughan -- received control of his estate and assets.

Surprisingly, Vaughan didn't die with as much money as many people might've imagined. His estate totaled just $672,057.56. Given his legendary status in rock music, along with his very successful music career, this sum might seem rather small.

Along with these assets, the helicopter company that owned the helicopter Vaughan died in also paid out a settlement of $300,000 to the Vaughan family.

Some of his assets included stocks and bonds, physical goods like a Chevrolet Caprice, 34 guitars, various speakers and amps, along with royalties from songs.

The Austin Chronicle noted that Vaughan had also accrued $68,850 in debt.

As the beneficiary of the estate, Jimmie Vaughan receives money from all sales of his brother's music. Interestingly, the Vaughan estate is actually making significantly more money with posthumous releases than it did when Vaughan was alive.

As the Phoenix New Times reports, the Vaughan estate, under Jimmie's command, had released multiple posthumous albums a few years after Stevie's death -- albums like "The Sky Is Crying," which is a compilation, and "Live at the El Mocambo." "The Sky Is Crying" quickly became Stevie Ray Vaughan's best-selling album.

Some critics have questioned if Jimmie Vaughan is taking advantage of his brother's fame for financial gain.

According to the Baltimore Sun, the sibling collaboration album "Family Style" also became a chart topper a mere month after Vaughan's death. It seems that much of Vaughan's discography reached its height of popularity long after the singer passed away. In any event, Stevie Ray Vaughan will continue to be a popular musician among fans for some time to come.

Reference: MSN (Aug. 4, 2022) “Here's Who Inherited Stevie Ray Vaughan's Money After His Death”


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