Teenagers Challenge Billionaire Grandfather's Will

A dispute over the Will of Australian billionaire Len Buckeridge looks set to intensify after the news that two of his teenage granddaughters have lodged a legal challenge in the Supreme Court of Western Australia.

According to the Sydney Morning Herald, there are now 22 separate parties involved in the dispute, including other family members.

Mr Buckeridge made his fortune in construction, and when he died in 2014 he left behind an estate worth around $2.5 billion.

The granddaughters, who live in Sydney, inherited shares amounting to 5.6% of their grandfather’s company, the BGC Group, and these shares are held in beneficiary trusts. Their inheritance is estimated to amount to around $90 million.

They are apparently not seeking a greater share of the estate, but instead are claiming that the Will does not make ‘adequate provisions’ to ensure they receive the benefit of their inheritance.

Under the terms of the Will they are entitled to the shares, but there are no guarantees that they can sell them. They are also concerned that they may not receive dividend payments from their shares, which will reportedly only be paid at the discretion of the board and distributed at the discretion of the estate’s trustees.

The estate dispute is apparently scheduled to go to mediation next month, the Sydney Morning Herald reports.

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Source:

http://www.smh.com.au/business/family-feud-sydney-teenagers-in-legal-battle-over-90-million-share-of-billionaires-fortune-20160531-gp8oct