This time on the Inheritance Funding Blog, we’re going to take a look at a few extreme examples of heirs awaiting an inheritance. Some
people call it luck. Others just say that it’s being born to the right circumstances.
No matter your stance on the subject, the public is becoming increasingly interested in the lives of famous heirs who are waiting to inherit
more money than most people could ever imagine spending. Below are some of today’s heirs and heiresses staking their claims to their relatives’ vast fortunes.
Delphine
Arnault: Delphine’s father, Bernard, heads the LVMH Group whose
portfolio includes Louis Vuitton, Moët, Hennessy, Marc Jacobs, Dior among
others. With this extensive collection of brands, LVMH has its hands in all things
luxury. Delphine heads the Dior shoe and bag divisions and is involved with
many other products and designers. Deemed the Wolf in a Cashmere Coat, she is
one of the richest women in the world.
Sam
Branson: Sam’s father, Sir Richard Branson, is worth an estimated $3.8
billion and is the man behind the Virgin collection of companies such as Virgin
Records, Virgin Books, Virgin Atlantic Airways, Virgin Mobile and Virgin fuels.
Sam is often seen hanging with Hollywood celebutantes, modeling, and relaxing
on his dad’s private 74 acre island, Necker
Island. It remains to be seen just how much Sam will eventually be
involved in his father's businesses.
Charlene
de Carvalho-Heineken: Charlene became the wealthiest woman in the Netherlands
when her father, Alfred Heineken, passed away in 2003. The heiress to the
premium beer from Holland
is worth more than $7 billion and is currently maintaining the business’
operations.
The
Ikea sons: IKEA is the world’s premier supplier of affordable home
furnishings. Headed by Ingvar Kamprad, IKEA is, in fact, the world’s largest
furniture retailer generating around $28 Billion dollars per year in worldwide
sales. Ingvar’s three sons are expected to inherit tens of billions of dollars
while also sitting on the company’s executive board.
Abigail
Johnson: Abigail “Abby” Johnson’s family controls 49% of America’s
largest mutual fund company, Fidelity Investments. After Harvard Business
School, Abigail quickly
worked her way through the ranks at Fidelity and in 2001, took control of
Fidelity’s mutual fund division. As of
2008, Abigail Johnson was worth around $15 Billion dollars US, placing her as
the 43rd richest person in the world.
Aditya
Mittal: Aditya is the heir and CFO of the Arcelor Mittal Steel company.
He was instrumental in the company’s $38
billion takeover of European steel business, Arcelor. He shows no signs of halting expansion and it
seems he has inherited his father’s ambition as well as his vast wealth.
Ivanka
Trump: As the daughter of Donald Trump, Ivanka stands to inherit her
father’s undisclosed amount of personal wealth as well as real estate and
entertainment assets. She is already the vice president of real estate
development and acquisitions of the Trump Organization. Her brothers, Donald,
Jr. and Eric, are also executive vice presidents of the corporation and along
with Ivanka will inherit most of what “the Donald” leaves behind.
Allegra
Versace: On her 18th birthday, Allegra came into the
inheritance left to her valued at over $700 million. After her early education
in Milan, Allegra attended Brown University.
Her struggle with anorexia is well documented and ongoing. She currently lives in Italy with her
mother, Donatella, and is extremely active in the direction that the Versace
brand ultimately undergoes.
Aerin Lauder Zinterhofer: Granddaughter of
cosmetic greatness, Estee Lauder, Aerin is the public face of the company and
also backs the creative marketing department and global advertising. Today, the Estee Lauder Company is comprised
of 19 brands including Clinique, Prescriptives, Aveda, MAC and Origins. In 2004, Aerin’s stock holdings in Estee
Lauder alone topped $550 million US.
Wills and trusts are two commonly utilized tools used to
ensure the proper transfer of assets after death. But what exactly is a will?
What is a trust? How are wills and trusts similar or different? After reading
this article, you should have a better understanding of the basics and
differences regarding these two tools and how they are used.
Wills
A will is a written document that a person uses to define how their
possessions and property will be distributed upon his or her death. The
person’s accumulated property is known as an estate. The creator of the will is
referred to as the testator. The testator designates, or names,
beneficiaries in the will document. A beneficiary is someone or
something that will receive a share of the testator’s estate upon the
testator’s death. The testator can name one or multiple beneficiaries. The
testator also designates an executor. An executor is the person
in charge of carrying out the directions of the will.
In order for a will to be valid, the circumstances
surrounding the creation of the document and the document
itself must adhere to certain requirements. Since wills are governed by state
law and each state’s will laws vary, you should check your state’s
requirements. Here are some of the general requirements that are common for
valid will creation:
- The
testator must be of majority age, which generally means he or she must be
at least 18 years of age.
- He or
she must have the intent to create a will
- He or
she must have the physical and mental capacity to create a will.
- Wills
are typically required to be signed by the testator and a certain number
of witnesses.
Some people believe that once a will is created, it cannot
be revoked. However, this is incorrect. All wills can be revoked by the
testator until the testator dies. A will can be revoked typically in three
different ways:
- A
subsequent written instrument such as a new will or a letter of
revocation.
- A
physical act such as tearing up the will.
- An
operation of law, for example, a subsequent marriage or a court determining
the will to be invalid.
After the testator’s death, their will is put through the
probate process. Probate is the legal process in which a will’s validity or
invalidity is determined. If the will is held to be valid, the testator’s
estate will be distributed according to the directions in the will. While this
may sound simple, probate proceedings tend to be complicated, time-consuming,
expensive, and confusing. You can learn more about Probate on our website by
clicking here: Probate
and Inheritance Funding Company.
Trusts
A trust is a separate entity whereby a person’s real and personal property
is held and remains for the benefit of another persons. In general, a trust
must have a settlor, an identifiable beneficiary,
and a trustee. The settlor is the person creating the trust. The
beneficiary of the trust are the designated individuals who hold inheritance
rights of the trust property. The settlor can name one or multiple
beneficiaries. The trustee is the person or organization that manages the
trust.
The trustee holds legal title to the trust property and must hold and manage
the property for the benefit of the beneficiaries. The settlor can designate
one or more trustees. If there is more than one trustee, each is referred to as
a co-trustee. The settlor can, and should, also designate an alternative
trustee. This person will serve as trustee if the original trustee cannot or
will not perform their obligations.
In order for a trust to be correctly managed, the
settlor usually creates a trust document. The trust document is commonly
referred to as a Trust Deed. The trustee is obligated to manage and administer
the trust in accordance with the terms of the trust document and law. Trusts
are governed by state law and each state’s trust laws vary, so you should check
your respective state’s requirements.
Remember, when deciding on what type of
will or trust you should implement, it is always best to consult a qualified
probate attorney in your area. One online resource, USA-Probate.com,
provides a comprehensive listing of probate lawyers near you.