Wellington R. Burt, a
timber baron from Saginaw, Michigan, was so concerned that his children
and grand-children would have their lives ruined by inheriting his fortune that
he, essentially, wrote them out of his will.
That's some extreme generation-skipping!
reported on this story earlier this month because his heirs are finally able to
receive their portions of the super-estate.
The punch line? Mr. Burt died in
1919. And, yes, his great grandchildren
are now getting his millions.
stipulation in his will asked that only after 21 years had passed since the
death of his last living grandchild would the money be turned over to the
family. 12 people including three
great-grandchildren, seven great-great-grandchildren and two great-great-great
grandchildren will split up more than $100 million.
be fair, he did give each child and grandchild a small stipend each month. However, those stipends were close to or the
same as the amount that his cook and chauffeur received.
more about Wellington Burt and his unusual will clause here: http://finance.yahoo.com/family-home/article/112715/shutting-kids-out-family-fortune-wsj?mod=family-kids_parents.