subject: Legacies created by two famous wills [print this page] Legacies created by two famous wills Legacies created by two famous wills
The world of wills and probate is fraught with drama; often fights between loved ones are sparked by the feeling that someone is taking what they're not entitled to from the estate of a relative. There's also a lot of history to wills and probate, with the probate system and individual wills impacting on everything from existing laws to the creation of the Nobel prizes.
The Thellusson Will Case is a British case which came about because of the will of Peter Thellusson, an English merchant who died in 1797, aged 60. In his will, Mr Thellusson directed the income of his property to be accumulated during the lives of his descendant's living at the time of his death, and descendants that survive them. It accumulated to such an amount that it was estimated it would have been worth 14million.
This lead to a dispute as to who were the benefactors of the estate, and a lawsuit was launched. However, because of the significant expenses, the amount inherited was roughly the same as that originally left.
As a result, the Accumulations Act 1800 was passed. This prevents the accumulation of wealth for any longer than the life of the granter, twenty-one years after their death and a couple more instances. But this is just one of many legacies that have been created through the wills and probate system.
Another prominent one is that of the Nobel Prizes.
The Nobel Prizes were established after the Swedish chemist Alfred Nobel set them up in his will. The move came about after he read his obituary in a newspaper eight years before he died. It was in fact his brother who died, but Alfred Nobel was disappointed with the way he thought he'd be remembered. In his will Nobel left the majority of his estate to establish the five Nobel prizes.
Whilst it's unheard of for someone to create a prize-giving system in their will, it highlights how important it is for people to have their final wishes realised. The only way to do this is with a will, which specifies what you want to happen with your estate.
