The Larry Hillblom Story – Case in Point for Upgrading Your Estate Plan
Although you might not recognize with the name Larry Hillblom, you have actually probably utilized the company he founded or at least become aware of it. Hillblom was among the establishing partners of the international shipping company DHL. In reality, the “H” stands for Hillblom. Hillblom is also well-known for the multi-national legal battle over his estate that followed his death.
After Hillblom made his fortune, he chose to leave to the little tropical island of Saipan. Hillblom lived there, without weding, up until an aircraft he was traveling in on an island hop went missing out on in 1995. At the time of his death, Hillblom’s estate was valued at close to $600 million.
Although Hillblom carried out a Last Will and Testimony in 1982, the Will was flawed in more than one method. Most significantly, it had absolutely nothing in it that attended to any future kids that Hillblom might father. The Will left most of Hillblom’s huge estate to a trust with instructions that the cash was to be utilized for medical research by the University of California.
Shortly after his death, 4 various women came forward claiming that Hillblom was the father of their child– one was still pregnant at the time. Subsequent DNA tests proved that Hillblom was, indeed, the daddy of all four children. A legal battle that was waged in both the United States and Saipan took place. Five years, 200 legal representatives, and an untold quantity of loan later on, the kids of Hillblom were granted 60 percent of his estate with the balance to be used to money the trust developed by the original Will.
Whether Hillblom would have willingly included these kids in his Will or not, we will never understand. Hillblom definitely could have upgraded his Will to include a bequest to the children in an amount less than, or more than, what they were ultimately awarded. Hillblom also might have chosen to particularly disinherit the children. Considering that he did neither of these, we will never understand what his objectives or desires were.
Even if you are not lucky enough to have a $600 million estate, the lessons gained from Hillblom use– update your estate intend on a regular basis and especially when life changes need modifications.