92 years later, heirs collect inheritance from Saginaw lumber baron

http://www.mlive.com/news/saginaw/index.ssf/2011/05/wellingtons_millions_heirs_col.html#incart_hbx

Wellington's Millions: Heirs collect inheritance from Saginaw lumber baron, will have money by 5 p.m. Monday

SAGINAW -- Saginaw County Chief Probate Judge Patrick McGraw is tasked Wednesday with distributing Wellington R. Burt's millions.

Burt made millions off Saginaw's lumber industry and Minnesota's iron mines in the late 1800s and early 1900s. He directed in his will to keep a large chunk of his money from family until 21 years after the death of his grandchild. That grandchild died in 1989, keeping Burt's money in the bank for 92 years after his death in 1919.

On Wednesday afternoon, 12 heirs' attorney's and lawyers for the estate’s trustee, Citizens Bank Wealth Management, will meet before McGraw to petition to distribute the funds.
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http://en.wikipedia.org/wiki/Wellington_R._Burt#Will

Burt had one of the more bizarre wills in American legal history.<5> It contained a "spite clause" which specified to wait until his children and grandchildren were dead before the estate could be dispersed to any descendants yet unborn in Burt's lifetime.<5> However, his children did receive relatively small annual annuities of $1000 to $5000 each, except for one favorite son who received $30,000 annually, and one unfavored daughter who got nothing.<3> His secretary received $4,000 annually, more than most of his children, while a cook, housekeeper, coachman and chauffeur each received $1,000 annually, as much or more than some of his children.<5>

Burt's will stipulated the majority of the estate to be held in a trust until "21 years after my last surviving grandchild at the time of my death." This condition was met in 2010, 21 years after the November 1989 death of Burt's last grandchild, Marion Lansill. In May 2011, after time for legal negotiations, the will was finally distributed to his descendants. Twelve descendants split the estate, weighted based on age seniority, estimated in total at $100 million to $110 million. They included three great-grandchildren; seven great-great grandchildren; and two great-great-great grandchildren – the youngest beneficiary was 19 and the oldest 94. The biggest beneficiary received between $14.5 to $16 million, with the smallest beneficiary between $2.6 to $2.9 million. Thirty descendents, including children, grandchildren, etc.. missed out on the inheritance because they were ineligible or died before the will's conditions were met.

It is not entirely clear why Burt made such an unusual will, but newspaper records suggest family feuds likely were at the core of his decision. The will did not go unchallenged by his children after he died. A legal hole was found in 1920 because part of the estate was composed of iron leases in Minnesota, and Minnesota had a law against trusts of such long standing. This portion of the estate, amounting to $5 million, was distributed to Burt's children and grandchildren (a son, three daughters and four granddaughters). In 1961, an additional $720,000 was taken from the trust in settlement of a suit filed by nine heirs and the estates of three other descendants.