Manhattan millionaire places strict limits on daughters’ inheritance
Published 18 Jul 2015
A millionaire real estate magnate has prevented his daughters from accessing a share of their inheritance unless they follow the strict terms outlined in his will.
Maurice Laboz, who died this year aged 77, left his two daughters US$10 million (AU$13.7 million) each, according to the New York Post, which they can only access when they turn 35. The pair, aged 21 and 17, must therefore wait a considerable amount of time before receiving the money.
Mr Laboz’s wife is expected to contest the will, having been left out entirely. According to the deceased’s will, his spouse signed a prenuptial agreement that limited her rights.
The Laboz sisters will be able to receive some of their inheritance before their 35th birthdays, provided they follow stipulations in the will. For example, the eldest daughter will receive $500,000 when she gets married, but only if her prospective husband gives up his rights to her fortune.
She is also due to receive $750,000 when she graduates from university, as long as it’s an esteemed institution. The elder Ms Laboz must write a 100-word summary of why she needs the money, which requires approval from trustees.
The deceased also tried to encourage his offspring to secure lucrative jobs; each daughter will receive triple their annual salary from their inheritance. If they become mothers and stop work, they’ll receive 3 per cent of their trust each year, but only for children born in wedlock.
Mr Laboz also provided 3 per cent annually for his daughters if they become caregivers to his wife, who he was divorcing at the time of his death.
Contesting a will in NSW
Writing a detailed will is often an excellent way of ensuring your assets are distributed according to your wishes when you die.
However, the above case highlights how some people may expose themselves to an inheritance dispute if their will leaves out spouses, or places too many limits on beneficiaries.
If you feel that you have not been adequately provided for in a loved one’s will, or you would like to contest a will because you believe it places unfair restrictions on you, contacting a seasoned lawyer can help.
A no-win, no-fee legal team can take you through current NSW legislation and let you know whether your case has a high chance of success. You also won’t have to pay any costs unless you receive a settlement.