On Monday, Radar Online – who obtained a copy of the actress' living trust – noted that while Farrah left $4.5 million to son Redmond O'Neal, as well as $500,000 to nephew Greg Walls, $500,000 to father James Fawcett and $100,000 to ex-boyfriend Greg Lott, Ryan and longtime friend Alana Stewart where omitted from the document.
But in a statement to Access Hollywood on Tuesday, Ryan explained the decision behind allocating Farrah's estate.
"Farrah's and my relationship was based on a deep love and respect for one another and for our son Redmond. After discussing how her financial affairs would be handled in the event of her passing we agreed that our son Redmond would be the primary beneficiary of her estate," the statement read. "These were Farrah's wishes and I am perfectly happy with them. I sincerely hope that everyone will remember and celebrate the legacy that Farrah left behind, and will now let her rest in peace."
The trust, which appears to be signed by the late actress, was last updated on August 9, 2007.
Farrah died on June 25, 2009, after a long battle with anal cancer. The "Charlie's Angels" beauty was 62.
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