Estate planning is important today just as it was almost 100 years ago, as evidenced by the estate of Wellington R. Burt, a man who grew his fortune in the lumber industry during the 19th century.

The lumber tycoon died in 1919, but during his life had grown his estate to a massive $110 million. While many family members may have hoped through his estate planning that they would inherit some of the money, Burt didn't allow any of his family to touch the money for decades. In his will, he asked that his fortune not be distributed until 21 years after his last grandchild died.

The last living grandchild died in 1989, and in May a Saginaw County Chief Probate Judge ordered trustees overseeing the massive estate to distribute the millions of dollars to a dozen of his heirs.

Burt had six children, seven grandchildren, six great-grandchildren and 11 great-great-grandchildren. All of them missed out on the inheritance. In 1920 and again in 1961, family members were able to get some of the inheritance released, but not the bulk of it.

The 12 eligible heirs include a number of great-grandchildren, great-great-grandchildren and even two great-great-great-grandchildren. They live across the country from Connecticut to California, and range in age from 19 to 94.

Although some may wonder why the lumber giant decided to freeze his family out of the will, it is a good example of proper estate planning. Despite the odd nature of the will, almost one hundred years after his death, the man's wishes were met.

Source: The Saginaw News, "2011's top stories: Heirs collected Saginaw lumber king's fortunes ... 92 years later," Justin L. Engel, Dec. 22, 2011