Generally, one of the goals of estate planning is to pass along assets as smoothly and quickly as possible so that your children can benefit from your assets. But Wellington R. Burt designed his will to do exactly the opposite. His intent was that his estate would not be distributed to his heirs until 21 years after the death of the last grandchild who was alive at the time of his death.

Burt died in 1919, and his last granddaughter died in 1989. Now his 12 remaining heirs are set to split the approximately $100,000 million estate. According to news reports the dozen individual heirs were able to reach an agreement amongst themselves for an equal distribution of the assets.

The provision that the estate not be distributed until 21 years after the death of the last heir alive at the time of the person's death may seem like a vindictive and random way to treat your family, but it is not necessarily random. There is a legal principle known as the "Rule Against Perpetuities" that seeks to avoid a situation in which the long dead ancestor is still controlling the assets long after their death. To limit this, the rule says that any attempt to control a distribution that may not be paid until after lives in being end plus 21 years are invalid. This somewhat arcane rule has been preempted by simpler statutory limits in many states.

It is not clear what may have motivated Wellington Burt to craft hi swill in such a way that his children would not benefit from his wealth, but he was reported to have not had a good relationship with his family. It could be however that having built his fortune in the timber and iron industries he wanted his own children to be independent and self sufficient as well so that they might create their own fortunes.

Source: ABC News Money "$100 Million Finally to Be Split Between Descendants, 92 Years After Rich Relative's Death" Susanna Kim, May 10, 2011