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Musician Lou Reed Leaves Estate to Wife and Sister

American musician Lewis Allan "Lou" Reed, the front man for the 1960s band The Velvet Underground, left majority of his $15 million estate to his wife, Laurie Anderson. Reed, who underwent a liver transplant in May 2013, died last week from liver complications. He was 71.

The rocker who is known for his hit song "Walk on the Wild Side" left a will leaving 75% of his estate in a trust to his wife, performance artist Laurie Anderson. Long-time couple Reed and Anderson wed in 2008.

The trust assets left to Anderson also include their Manhattan penthouse, a home in East Hampton, New York and all the singer's personal property. Meanwhile, Reed left a quarter of his estate in a trust for his sister. She also received a $500,000 bequest that is intended for the care of their elderly mother.

Reed's business manager and accountant have been designated to handle licensing and copyrights for his music.

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