Extreme Generation-Skipping by Timber Baron in Michigan

Extreme Generation-Skipping by Timber Baron in Michigan

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!

MSNBC.com 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. 

The 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.

To 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.

Read 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.