Lou Reed's widow and his sister have been named the benefactors of his fortune after the late rocker's will was filed for probate in New York.

The former Velvet Underground frontman lost his battle with liver disease at his home in New York state in October (13) and on Monday (04Nov13), the documents for his will were lodged in court.

According to the legal papers, Reed left his wife, performance artist Laurie Anderson, their $1.5 million (£1 million) New York home and all of his personal property, including jewellery, clothing, art, cars, boats, his touring company and 75 per cent of his estate.

The late rocker left his sister, Margaret Reed Weiner, the remaining portion of his fortune. When Anderson passes away the estate will be transferred to Weiner and her three children.

He also bequeathed $500,000 (£333,330) to his only sibling for the care of their 93-year-old mother.

Reed's attorney, James Purdy, tells the New York Post, "It all stays in the family."

Robert and David Gotterer, Reed's longtime business manager and accountant, have been named trustees of the estate and are in charge of collecting royalties, negotiating contracts and securing copyrights and licenses relating to Reed's songs and poetry.