"Farrah's and my relationship was based on a deep love and respect for one another and for our son Redmond," O'Neal said in at statement to Us.
Fawcett, who died in June after a long battle with cancer at age 62, left the couple's sole child together, Redmond O'Neal, $4.5 million, according to the magazine. She also left her ex-lover, Gregory Lawrence Lott, $100,000, as well as $500,000 to her nephew, Gregory Walls, and $500,000 to her father, James Fawcett.
"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."
O'Neal also added that his hope is "everyone will remember and celebrate the legacy that Farrah left behind, and will now let her rest in peace."