You might not be familiar with the name Larry Hillblom, you have actually probably used the company he established or at least heard of it. Hillblom was one of the founding partners of the global shipping company DHL.
After Hillblom made his fortune, he decided to escape to the small tropical island of Saipan. Hillblom lived there, without weding, until an aircraft he was taking a trip in on an island hop went missing in 1995. At the time of his death, Hillblom’s estate was valued at near $600 million.
Although Hillblom performed a Last Will and Testament in 1982, the Will was flawed in more than one method. Most importantly, it had nothing in it that dealt with any future children that Hillblom may dad. The Will left most of Hillblom’s enormous estate to a trust with guidelines that the cash was to be utilized for medical research study by the University of California.
Shortly after his death, 4 various females stepped forward declaring that Hillblom was the dad of their child– one was still pregnant at the time. Subsequent DNA tests proved that Hillblom was, certainly, the dad of all 4 children. A legal fight that was waged in both the United States and Saipan occurred. Five years, 200 legal representatives, and an unknown quantity of cash later, the kids of Hillblom were awarded 60 percent of his estate with the balance to be used to money the trust developed by the original Will.
Whether Hillblom would have voluntarily included these children in his Will or not, we will never understand. Hillblom definitely could have upgraded his Will to include a bequest to the children in a quantity less than, or more than, what they were ultimately awarded. Hillblom also might have picked to particularly disinherit the children. Considering that he did neither of these, we will never understand what his intentions or dreams were.
Even if you are not fortunate adequate to have a $600 million estate, the lessons gained from Hillblom apply– upgrade your estate plan on a routine basis and particularly when life modifications need modifications.