You might have recently heard the news out of Australia about the country’s wealthiest woman, Gina Reinhart and her legal fight with her kids over her choice to disinherit them from the household fortune. Ms. Reinhart is the heir to her daddy’s iron ore service estimated to be worth about $18 billion.
The information of the circumstance are somewhat complicated, but the story highlights an all too common scenario where a moms and dad wants to disinherit his/her children.
This inheritance problem is more typical than you may think. There is no state law that needs a moms and dad to leave an inheritance to an adult child, though there are some exceptions for small children. There are any variety of factors why a parent might pick to disinherit a kid, but family conflicts and a parent’s belief that the child will not have the ability to properly handle the wealth are extremely common reasons.
Ms. Reinhart is not alone in her status as a rich or famous individual who wishes to disinherit her children. Take, for example, actress Joan Crawford. The subject of the film 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, picked not to leave anything to any of his 5 kids, including his child actress Jamie Lee Curtis.
After Michael Jackson’s death, it was exposed that he made no arrangement for his father or any of his siblings and sis in his last Will. While he did name his children and his mom as a recipient of a trust he developed, everyone else in his family was disinherited.