Matthew Perry was raking in $20M per year in Friends residuals – but what happens to the money now that he’s gone?

Matthew Perry earned up to $20 million a year in residuals from his role as Chandler Bing on the iconic sitcom Friends.

The 54-year-old actor was found dead in a hot tub at his Los Angeles home on October 28, but his cause of death has not yet been confirmed.

He played the Friends character for almost a decade and reportedly earned $20 million in syndication and streaming revenue every year.

This amount of money could be passed on to people he names as beneficiaries or given to a trust he nominates, according to a financial planning expert who spoke to CNBC.

But due to the fact that he had no spouse or children, if Perry did not name any person or organization, state law would determine what would happen to his estate, and the money would most likely go to his parents who survived him.

After an actor’s death, the remaining payments are considered his personal property.

In most cases, this income stream is owned by the artist’s estate, and there are three possibilities as to what happens to Perry’s residuals from the Friends-based California laws.

Members of the Screen Actors Guild-American Federation of Television and Radio Artists can name beneficiaries for remaining payments in the event of death, according to financial planner Charlie Douglas.

He said Perry could have named an individual or a few people and this is similar to naming a beneficiary for accounts such as a 401(k).

The Friends star could also have named a trust to receive his remaining payments and it would flow to them and they would have provisions on who gets them.

Trusts are private matters, unlike wills which are public, so it may never be known who inherits this income stream.

But there’s a third option: If Perry didn’t name a specific beneficiary, that state law would determine the outcome of his estate.

“It’s entirely possible that because he had no husband or children, he didn’t write anything,” said Douglas, president of HH Legacy Investments.

There is a framework within all states to determine how an individual’s money and assets would be distributed if they were to die. These are known as intestinal laws, which vary from country to country.

Usually it consists of the typical hierarchy of inheritance, in order of who receives assets.

First comes the spouse, followed by children, grandchildren, parents and then siblings.

But Perry had no wife or children and is survived by his parents who divorced when he was a baby.

Both remarried and had more children.

His parents will likely assume his acting rights, as well as other parts of his estate, including his 2022 memoir, according to Day Pitney trusts and estate partner Tasha Dickinson.

However, they could make a “qualified disclaimer” and give up their rights, which would mean it would pass to his half-siblings.

“It’s not at all unheard of for wealthy parents to make disclaimers,” Douglas said.

Otherwise, Perry’s assets would be distributed based on the probate system.

“Probation is especially undesirable in California because it is expensive, time-consuming and an invasion of privacy (since) all trials are public,” said tax expert David Oh.

He added that celebrities “not having an estate plan create confusion, attract unwanted media attention and can cause family conflict.”

Perry could also have decided to give away his estate to someone outside his immediate family.

The actor had many close relationships and supported several philanthropic interests “and it wouldn’t be surprising if some of his wealth went to them,” Oh said.

Perry struggled with addiction for years and once opened a sober living facility in his Malibu mansion.

He also worked to establish a foundation to help patients. On November 3, the Matthew Perry Foundation was established in his name.

It is sponsored and maintained by the National Philanthropic Trust.

“When I die, I know people will talk about friends, friends, friends,” Perry said during an interview last year.

‘And I’m happy about that, happy that I’ve done a good job as an actor. …But when I die, as far as my so-called achievements go, it would be nice if Friends would stand far behind the things I did to help other people.

“I know it won’t happen, but it would be nice.”

Perry’s co-stars were spotted comforting each other outside the church where the 54-year-old was buried on Friday.

Jennifer Aniston, 54; Lisa Kudrow, 60; Courteney Cox, 59; and David Schwimmer, 57, arrived as a quartet — all dressed in black suits and looking somber as they prepared to say their final goodbyes to Perry at Forest Lawn Cemetery in Los Angeles.

After the simple hour-long ceremony, they were joined outside the church by Matt LeBlanc, 56, and were pictured chatting with other well-wishers.

His tearful mother Suzanne Morrison, 84, and Dateline journalist stepfather Keith, 76, were both at the private event, as was his father John Perry, 82. Keith Morrison was one of the pallbearers.

On Monday, Aniston and the rest of the cast — Cox, LeBlanc, Schwimmer and Kudrow — released a statement describing their shock and sadness.

“We are all so utterly devastated by the loss of Matthew. We were more than just castmates. We are a family,” the cast said in a joint statement on Monday.

“There is so much to say, but now we are going to take a moment to grieve and process this unfathomable loss.

“We will say more in due course, as soon as we are able to do so.

“For now, our thoughts and our love are with Matty’s family, his friends and everyone who loved him around the world.”

Perry’s cause of death remains unconfirmed, but initial toxicology reports indicated there was no meth or fentanyl in his system when he drowned.

Throughout his life, Perry had been open about his struggles with drugs and alcohol.

According to a TMZ report, the usual narcotics were not found in Perry’s system during initial testing. But more in-depth testing is underway and should reveal whether the beloved actor had prescription drugs in his system.

When investigators went to Perry’s home, they found no illegal drugs, but did find prescription medications that were properly labeled and kept in storage bottles.