Wellington R. Burt (d. 1919) amassed a vast fortune during his lifetime, but he didn't want it to spoil his children or grandchildren. They needed to make it on their own in the world, so he bequeathed to them comparatively small stipends and ordered that the rest of his fortune -- now measured at $100 million -- be distributed to members of his family only 21 years after the death of his last grandchild. That time has finally arrived:
Link | Photo: Saginaw News/AP
Now that it's 21 years since the death of the last grandchild, the fortune is finally being turned over to Cameron and 11 others, including three great-grandchildren, seven great-great grandchildren and another great-great-great grandchild. The fortune is valued at more than $100 million. (She'll get a little more than $2.6 million, since those further up the family tree get more under a master agreement).
Link | Photo: Saginaw News/AP
These trusts aren't that uncommon. I know that my great-grandfather did one just like this.