A long, expensive battle over which will, if any, should be used to distribute the $400,000,000 estate of Huguette Clark is being fought in court. She died in May 2011 at the age of 104.
Huguette Clark seems to have signed two wills. The first one mostly benefits her family. It was apparently done about March 7, 2005, when she was about 98 years old.
The second will was signed about six weeks later. It primarily benefits the attorney who prepared the will; her CPA, who is a convicted felon; her longtime nurse; a charitable foundation that is controlled by the attorney and the CPA; and an art museum.
On Nov. 28, 2011, the family members filed a motion to suggest the court review the entire matter and decide which will should govern or decide how the assets of her estate are distributed. The family is claiming the attorney and CPA mishandled, misappropriated and mismanaged her assets.
Huguette Clark was born in Paris on June 9, 1906. Her father was U.S. Sen. William Andrews Clark of Montana, who died in 1925. It was reported he may have been one of the richest Americans. He made his fortune in copper mining in Montana and Arizona. He also owned banks, railroads, newspapers, timber, real estate and other investments.
Some folks in Montana claim his mining operations, mostly in Butte, caused major damage to the environment and cost many lives from poor safety and working conditions. They suggest some of the money should be paid to repair the damage to the land, water, etc. in Butte.
Huguette Clark inherited about 20 percent of her father's estate, worth about $700,000,000, and all of her mother's estate. She reportedly lived quietly in seclusion under fake names in a hospital room for more than 20 years, despite being in relatively good physical health.
The judge appointed a third person to serve with the attorney and accountant to handle matters, with all actions requiring unanimous approval. That sort of gives the third person, a public administrator, veto power.
Supposedly various attorneys urged her to do a will and related estate planning, but she did not make a will until 2005. This court battle will probably cost the estate a lot of money and take a long time to get settled. Sounds like a shame.
Perhaps this is a lesson for everyone. Talk with your family and advisers, do some estate planning and do a will and/or trust, and do it now. Avoid all the hurt and cost to the survivors that delay can cause.
Did you hear, "There is no failure except in no longer trying"?
• John Bullis is a certified public accountant, personal financial specialist and certified senior advisor serving Carson City for 45 years. He is founder emeritus of Bullis and Company CPAs, LLC.