Sunday, May 15, 2011
Wellington Burt, a lumber baron who was once the eighth wealthiest man in America, died in 1919 with a $40-$90 million estate. He died estranged from his family, and his will left only modest bequests to his children and staff ($30,000 per year to a "favorite son," $1,000 to $5,000 per year to other children and domestic staff). The bulk of the estate was subject to a "spite clause": to avenge a family feud, the will deferred the distribution of his fortune to the maximum period permitted by the rule against perpetuities: 21 years after the death of his last then-living child or grandchild. Burt's last grandchild died in 1989, and the current $100-$110 million estate will be distributed to Burt's 12 great-, great-great- and great-great-great-grandchildren (ranging in age from 19 to 94 years old) by the end of the month.
- ABA Journal, Perpetuities Rule Finally Ends $100M Waiting Game for Lumber Baron’s Heirs, 92 Years After His Death
- The Faculty Lounge, Remote Descendants and the Real Beneficiaries of Long-Term Trusts
- The Telegraph, American Tycoon's Fortune to be Divided Up After 92 Years
- Wall Street Journal, Shutting Out the Kids From the Family Fortune
- Wills, Trusts & Estates Prof Blog, $100 Million Finally to be Distributed 92 Years After Saginaw Lumber Baron's Death