The Larry Hillblom Story – Case in Point for Upgrading Your Estate Plan

You might not be familiar with the name Larry Hillblom, you have actually most likely used the business he founded or at least heard of it. Hillblom was among the establishing partners of the worldwide shipping company DHL. In reality, the “H” stands for Hillblom. Hillblom is likewise popular for the multi-national legal battle over his estate that followed his death.

After Hillblom made his fortune, he chose to get away to the little 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 close to $600 million.
Although Hillblom carried out a Last Will and Testament in 1982, the Will was flawed in more than one way. Most importantly, it had nothing in it that addressed any future kids that Hillblom might father. The Will left most of Hillblom’s huge 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 ladies stepped 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 father of all four kids. A legal fight that was waged in both the United States and Saipan ensued. Five years, 200 attorneys, and an untold amount of money later on, the kids of Hillblom were granted 60 percent of his estate with the balance to be used to money the trust created by the initial Will.
Whether Hillblom would have voluntarily included these kids in his Will or not, we will never ever understand. Hillblom certainly could have updated his Will to include a bequest to the children in an amount less than, or more than, what they were ultimately awarded. Hillblom likewise could have chosen to specifically disinherit the children. Since he did neither of these, we will never ever understand what his intents or dreams were.

Even if you are not fortunate sufficient to have a $600 million estate, the lessons discovered from Hillblom use– upgrade your estate intend on a routine basis and especially when life changes require modifications.