You may have recently heard the news out of Australia about the country’s wealthiest woman, Gina Reinhart and her legal battle with her children over her decision to disinherit them from the household fortune. Ms. Reinhart is the successor to her father’s iron ore business estimated to be worth about $18 billion.
The information of the circumstance are rather intricate, however the story highlights an all too typical situation where a parent wishes to disinherit his/her children.
This inheritance issue is more typical than you might believe. There is no state law that requires a parent to leave an inheritance to an adult kid, though there are some exceptions for minor kids. There are any number of reasons that a moms and dad might choose to disinherit a child, but household disagreements and a parent’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 celebrity who wishes to disinherit her kids. Take, for example, actress Joan Crawford. The topic of the film Mommy Dearest famously cut 2 of her 4 adopted children out of her estate, while leaving the two others about $70,000 each. Another actor, Tony Curtis, picked not to leave anything to any of his 5 children, including his daughter starlet Jamie Lee Curtis.
After Michael Jackson’s death, it was exposed that he made no provision for his daddy or any of his bros and sisters in his last Will. While he did name his kids and his mom as a beneficiary of a trust he established, everyone else in his family was disinherited.