Jay Leno Leaving $7 Million to Family Members in Will, Money to Open Museum for His Car Collection

Jay Leno plans to leave behind millions to his family members and to ensure his dementia-stricken wife, Mavis Leno, is taken care of if he passes, In Touch can exclusively report.

According to court documents obtained by In Touch, the legendary late night-talk show host has amended his 41-page trust to increase the amount of money left behind for relatives.

Back in April, Jay, 74, was appointed conservator of Mavis, 77, who doctors said had health issues. The entertainer said he had managed their finances during their 43-year marriage and “would continue to do so until his passing.”

“Unfortunately, Mavis has been progressively losing capacity and orientation to space and time for several years,” Jay’s petition read. Jay and Mavis married in 1980. They do not have any children.

The court appointed an official to interview Mavis and submit a report on Jay’s request.

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 relied on him for her protection and guidance.”

The official noted Mavis “sometimes does not know her husband, nor her date of birth.”

Mavis’ only living relative is her brother, Rikki Nicholson, who lives next door to her and Jay.

In a new report filed by the official, he said he had conversations with Jay about the trust and will he created. The beneficiaries of Jay’s trust are Rikki and his nephew, Richard Leno.

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The court-appointed official told Jay he was worried the $3 million he had planned behind for Rikki and Richard to split would not be enough. Jay agreed with the concern and increased the amount he would leave for Rikki and Richard to be $7 million.

A majority of Jay’s estate is to be distributed to the J.D.M. Foundation, which Jay launched in 1988.

If Jay passes before Mavis, “the estate will divide into the Leno Marital Trust … it will have the Leno Collection and any real property housing Leno Collection. It will be irrevocable and the survivor receives all income, plus principal for reasonable support. After the survivor’s death, after-tax balance will be distributed, along with the Leno Trust to JDM.”

The Leno Collection is all of Jay’s automobile and motorcycle collection and any real property.

Jay’s will instructs J.D.M. to form a private operating foundation and contribute to the private operating foundation his car and motorcycle collection. Jay said J.D.M. will open a museum with his automobile collection and he named the three initial directors for the museum.

The court-appointed official said he believed the amendment to the trust and will should be approved.

“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.