You may have recently heard the news out of Australia about the nation’s richest lady, Gina Reinhart and her legal battle with her kids over her decision to disinherit them from the household fortune. Ms. Reinhart is the successor to her dad’s iron ore business estimated to be worth about $18 billion.
The information of the situation are rather complicated, however the story highlights an all too typical circumstance where a parent desires to disinherit his/her children.
This inheritance issue is more common than you may think. There is no state law that requires a parent to leave an inheritance to an adult child, though there are some exceptions for minor children. There are any number of reasons that a parent may choose to disinherit a kid, however family disputes and a moms and dad’s belief that the child will not have the ability to effectively deal with the wealth are extremely typical factors.
Ms. Reinhart is not alone in her status as a rich or famous individual who wishes to disinherit her kids. Take, for instance, actress Joan Crawford. The subject of the movie Mommy Dearest famously cut 2 of her 4 adopted children out of her estate, while leaving the 2 others about $70,000 each. Another star, Tony Curtis, selected not to leave anything to any of his 5 kids, including his daughter actress Jamie Lee Curtis.
After Michael Jackson’s death, it was revealed that he made no arrangement for his daddy or any of his siblings and sis in his last Will. While he did call his children and his mother as a beneficiary of a trust he developed, everybody else in his family was disinherited.