A Lesson in Estate Planning - The Larry Hillblom Story
June 30, 2012 By Law Offices of Barton P. Levine
You have likely been told how important estate planning is by numerous people. If you are like many people though, a real life example hits home much more effectively than general advice. The Larry Hillblom story is one of many famous examples of why estate planning should be done early one and revised on a regular basis.
Larry Hillblom was one of the founders of the international shipping company DHL--the “H” being for Hillblom. After making his fortune, Hillblom decided to escape to the tropical island of Saipan, a world away both in geography and culture from the United States. Hillblom never married, but reportedly spent a considerable amount of time with the young pretty island natives of Saipan. When a plane Hillblom was on disappeared during an island hop, Hillblom was declared dead in 1995.
At the time of his death, Hillblom’s fortune was estimated to be around $600 million. The Last Will and Testament that he executed in 1982 left the bulk of his fortune to a trust to be used by the University of California for medical research. Unfortunately, Hillblom never updated his Will. His Will also failed to address any future children Hillblom might have. Although Hillblom died a bachelor, four different women came forth after his death claiming to have children by Hillblom. One woman was actually pregnant at the time of his death. All four claims proved to be true after DNA tests were completed.
Not surprisingly, a battle over the eccentric millionaire’s estate ensued. The battle took place in courts both in Saipan and the United States and involved close to 200 attorneys by the time it was all over. Ultimately, Hillblom’s children were awarded 60 percent of his fortune, making them among the wealthiest residents of the small island.
Hillblom could have made provisions for the children in his estate plan by updating his Will, yet failed to do so. On the other hand, he also could have specifically disinherited any future children, yet failed to do that either. We will never know what his wishes were since he failed to do anything that provided clarification in his estate plan. What is clear is that five years of time and a small fortune was wasted in litigation--both of which could have been avoided.
ABOUT THE AUTHOR: Barton P Levine
Experienced estate planning attorneys New York NY of the Law Offices of Barton P. Levine offers estate planning and business planning resources to residents of New York NY.
Copyright Law Offices of Barton P. Levine
More information about Law Offices of Barton P. Levine
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
At the time of his death, Hillblom’s fortune was estimated to be around $600 million. The Last Will and Testament that he executed in 1982 left the bulk of his fortune to a trust to be used by the University of California for medical research. Unfortunately, Hillblom never updated his Will. His Will also failed to address any future children Hillblom might have. Although Hillblom died a bachelor, four different women came forth after his death claiming to have children by Hillblom. One woman was actually pregnant at the time of his death. All four claims proved to be true after DNA tests were completed.
Not surprisingly, a battle over the eccentric millionaire’s estate ensued. The battle took place in courts both in Saipan and the United States and involved close to 200 attorneys by the time it was all over. Ultimately, Hillblom’s children were awarded 60 percent of his fortune, making them among the wealthiest residents of the small island.
Hillblom could have made provisions for the children in his estate plan by updating his Will, yet failed to do so. On the other hand, he also could have specifically disinherited any future children, yet failed to do that either. We will never know what his wishes were since he failed to do anything that provided clarification in his estate plan. What is clear is that five years of time and a small fortune was wasted in litigation--both of which could have been avoided.
ABOUT THE AUTHOR: Barton P Levine
Experienced estate planning attorneys New York NY of the Law Offices of Barton P. Levine offers estate planning and business planning resources to residents of New York NY.
Copyright Law Offices of Barton P. Levine
More information about Law Offices of Barton P. Levine
View all articles published by Law Offices of Barton P. Levine
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
