You may have just recently heard the news out of Australia about the nation’s wealthiest female, Gina Reinhart and her legal fight with her children over her decision to disinherit them from the household fortune. Ms. Reinhart is the heir to her father’s iron ore company estimated to be worth about $18 billion.
The details of the circumstance are somewhat intricate, however the story highlights an all too typical scenario where a parent wants to disinherit his or her children.
This inheritance issue is more common than you may believe. There is no state law that requires a parent to leave an inheritance to an adult child, though there are some exceptions for small kids. There are any number of reasons why a parent might select to disinherit a child, however household conflicts and a parent’s belief that the kid will not be able to adequately deal with the wealth are really common factors.
Ms. Reinhart is not alone in her status as a rich or famous person who wants to disinherit her kids. Take, for instance, actress Joan Crawford. The subject of the movie Mommy Dearest notoriously cut two of her 4 adopted children out of her estate, while leaving the two others about $70,000 each. Another star, Tony Curtis, chose not to leave anything to any of his five kids, including his child actress Jamie Lee Curtis.
After Michael Jackson’s death, it was exposed that he made no provision for his dad or any of his siblings and sis in his last Will. While he did call his children and his mother as a recipient of a trust he developed, everybody else in his household was disinherited.