Jan 08, 2008

Paris Hilton Disinherited--Say It's Not Legal!

Paris Hilton's grandfather has reportedly announced that he will leave 97% of his $2.3 billion fortune to the Conrad N. Hilton Foundation, a nonprofit organization that sponsors good works, such as providing clean water in Africa. This would leave a paltry $69 million to spread among family members.

But could he really decide to completely ignore poor Paris and the rest of the Hilton clan? Alas, it's true--you are perfectly free to leave nothing to your children or grandchildren. You don't even have to make a snide statement in your will (a la Leona Helmsley), mentioning that you're cutting them out "for reasons well known to them." All you have to do is make it clear that you haven't overlooked a child (or a grandchild whose parent is deceased), which you can do simply by listing them in your will.

By the way, do you wonder how the 80-year-old Barron Hilton accumulated all of his money? A big chunk came from a lawsuit he won, challenging his father's will back in 1979-- when his father tried to leave most of HIS money to charity.