14 May 2011

Good things come to those who wait, and wait, and wait...

CBSNews.com has an article about an inheritance, delayed:
Ninety-two years after his death, Saginaw lumber baron Wellington R. Burt is finally parting with the fortune he withheld from his descendants until twenty years after the death of the last grandchild born in his lifetime. The estate is now valued at $100 million to $110 million. It will be shared among twelve of his heirs later this month.
According to The Saginaw News, Burt once was among the eight wealthiest Americans. He made millions of dollars in the harvesting of the Saginaw Valley's timber and then another fortune in Minnesota's iron mines. He served as mayor of Saginaw and later as a Michigan state senator. But, when it came time to divide his fortune, he gave his children and grandchildren small allowances comparable to the one he gave his cook. He died on 2 March 1919, and his remains rest in a fifteen-foot-tall white mausoleum in Forest Lawn Cemetery.
Under terms of Burt's will, the bulk of the estate was to be distributed twenty years after the death of his last surviving grandchild. At nineteen years old, Christina Cameron of Lexington, Kentucky is the youngest of the twelve, and is in line to receive $2.6 million to $2.9 million. She said one thing is pretty clear: Her great-great-great grandfather didn't have much use for his relatives. "I'm pretty sure he didn't like his family back then," Cameron said. Cameron is the great-granddaughter of Marion Landsill. She was the last survivor among Burt's grandchildren who were born in his lifetime. She died on 21 November 1989.
Saginaw County Chief Probate Judge Patrick McGraw said the estate is "one of the most complicated research projects" he's faced in his twelve-year career in Saginaw. When McGraw arrived in 1999, the estate had long been a part of courthouse lore. "It's a case everyone talked about," McGraw said. "It was definitely interesting. I didn't think, in 1999, that, in 2011, I would be the one to distribute it."
Burt's six children, seven grandchildren, six great-grandchildren, and eleven great-great grandchildren missed out on the inheritance, either because they weren't eligible for it or because they didn't live long enough.
Those who will inherit are three great-grandchildren, seven great-great grandchildren, and two great-great-great grandchildren, among them Cameron and her twenty-year-old sister. The heirs range in age from 19 to 94.
In April, about twenty attorneys representing the heirs met in Michigan State University's Kellogg Hotel and Conference Center and struck a deal on division of the estate. It gives larger amounts to those farther up in the family tree who have fewer siblings. The trust is scheduled to open by 31 May.

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