Damien Hurley cut out of grandfather’s trust

[CovidCorvid]

So Liz Hurley’s son with Steve Bing has been cut out of his grandfather’s massive $180 million trust fund which he set up ages ago for any “grandchildren”.

Steve Bing didn’t really have a relationship with Damien and sadly killed himself last year but apparently in the months before he died had been ringing Damien and had made it clear he wanted Damien (and damiens half sister) included in the trust.

Since his death the grandfather has nkw won in court saying he doesn’t recognise these two children as grandchildren as their mother’s werent married to Steve.

I get that it’s his money and he obviously wants to protect it for his two granddaughters who he does recognise but how sad that with all that money he wants to prioritise his wealth over building a relationship with his son’s children.

I find it more sad Steve Bing, the actual father wanted nothing to do with his own son. You can’t expect the Grandfather to care when his own son disowned the child.

@drpet49

I find it more sad Steve Bing, the actual father wanted nothing to do with his own son. You can’t expect the Grandfather to care when his own son disowned the child.

He didn’t disown Damien. Before he killed himself Steve took his own dad to court to ensure Damien and the half sister would be entitled to the trust fund. He said at the time his dad and his sister were trying to grab all the money out of the trust fund for his sisters kids. I don’t quite understand trust funds but afaik once they’re set up then they’re legally binding so the grandfather can’t just say he’s changed his mind….he’s had to find a legal loophole.

So Steve fought for his kids to be included, won in court and then killed himself. Now the grandfather has appealed and won….when he knows this isn’t what his son wanted.

The whole story is sad, the fact that sb throughout liz Hurley's pregnancy disputed it was his baby, didn't acknowledge damien until a few months before he died and I think sb also changed his own will to say he didn't want his two children to receive anything.

I've possibly got some details wrong but whenever I've read anything about the whole thing it just felt odd that SB or his family were at such pains to disinherit or to acknowledge their own family. Didn't stop him from fathering at least two children though.

Damien and Liz seem to have a really close relationship but it must be painful for both of them (and sb daughter with the tennis player, I forget their names) to be so publicly iced out.

Steve actually tried to pay a significant amount of monthly maintenance from when Damien was a small child but Liz refused to accept it. So while he initially said that Damien wasn’t his kid once he was born he changed. 🤷‍♀️ It is sad though that they never actually met.

Perhaps not as sad as you think. That level of unearned wealth can completely destroy someone’s life so perhaps it’s a blessing. Liz Hurley is hardly hard up so he’ll get a decent inheritance at some point and he’s a very attractive, healthy young person. He can go earn his own fortune!

That's a very good point FreeBritnee. And Liz has substantial assets herself. I imagine the rejection Damian experienced for most of his life will be potentially more harmful than the additional inheritance loss.

Yes, I think it’s more about this being another rejection as much as the money though. Read an article last night saying he’s written letters to his grandfather which have been returned unopened.

Well the grandfather is a piece of work isn’t he!!! I guess you don’t get to amass the amount of money he made by being kind and understanding. He’s obviously a ruthless individual and DHBis best out of it.

*DH

Surely Damien inherited from his even wealthier father?

How gross though that he disrespected the mother of his child in such a brutal way, never had a relationship with his own son, fought about money with his father and sister and then took his own life.

Money and the weaponising of it seems to have brought them pain, death and destruction - what bleak toxic lives.

I admire Liz Hurley for turning down his tainted grubby money after his public humiliation of her.

Her son will be wealthy in values, love, support and encouragement.

Apparently Steve Bing was nearly financially broke when he died. He had £300,000 dollars left after gambling and giving away his inheritance.

@CovidCorvid

Apparently Steve Bing was nearly financially broke when he died. He had £300,000 dollars left after gambling and giving away his inheritance.

Yes just read that on wiki

Bing died by suicide on June 22, 2020, at the age of 55 by jumping from his condominium on the 27th floor of a building in the Century City neighborhood of Los Angeles.[1][22] At the time of his death, he was worth $300,000, having spent most of the $600 million he had inherited.[23]

He had inherited from his grandfather at a very young age and dropped out of uni when he did so.

What a mess.

What a vile family

I'm sure Damian is very wealthy anyhow so won't need the old gits billions

Just googled him. He looks like Liz with a hint of stubble

Steve had the kids, it's for him to provide for them not the grandfather...

Inheriting huge wealth is not always a blessing.

Liz Hurley's not exactly poor herself!

Why should the grandfather have to include Damian in his trust fund? He's never met Damian, indeed, Steve himself wanted nothing to do with him until a couple of months before he died.

What you seem to be forgetting OP is that the grandfather gave each of his children $600m. He did his bit. Not his fault that Steve squandered it all.

@hyperbole001

Why should the grandfather have to include Damian in his trust fund? He's never met Damian, indeed, Steve himself wanted nothing to do with him until a couple of months before he died.

What you seem to be forgetting OP is that the grandfather gave each of his children $600m. He did his bit. Not his fault that Steve squandered it all.

The point is that the grandfather created six irrevocable trusts for any future grandchildren. When he did that the money ceased to be his. It belonged to the trusts. He should therefore not have any ability to pick and choose between his grandchildren.

The lower courts ruled that the terms of the trusts "contain no conditions, limitations, qualifications, or restrictions on the term ‘grandchild.’ " and therefore Steve's children should inherit. Sadly, an appeal court ruled that illegitimate grandchildren could be excluded. As far as I can see the ruling is not available online, so I don't know the court's reasoning. At first glance the ruling seems perverse but maybe the court had good reasons. The result of this ruling is that all the money in the trusts will go to the children of Steve's sister, Mary.

You are quite wrong in your assertion that the grandfather, Peter Bing, gave each of his children $600m. The $600m Steve received at age 18 was an inheritance from his grandfather Leo, Peter Bing's father. Peter does not appear to have given his son anything. The idea that Damian's grandfather has "done his bit" is for the birds.

Jesus what a vile pair of men. The child sounds best off having had very little to do with either of them.

Seems an unhappy family.

Best off out of it tbh.

In principle it's a horrible thing to do, even if the grandad had been far poorer.

However I do agree with PPs that presumably the lad won't live in poverty, has plenty of his own earning potential as a healthy, well connected young man and that amount of unearnt money could cause him real problems.

I don't know anything about LH's finances but would imagine she's very well off but not a billionaire (although I have no idea, maybe she has done well out of investments, none of my biz). Damian has been managing living with that level of wealth and all that comes with it, fast friends, media interest etc, all his life. However suddenly coming into much vaster funds, publicly, would be a game changer and I think might cause big problems in terms of motivation, who to trust etc. It clearly didn't do his dad any good.

I'd be interested to know how a court can come to the conclusion that a son's children are not grandchildren 🤷🏻‍♀️

Just for clarity, this started when Damian's half-sister, Kira Kerkorian, tried to get a copy of the trust deeds as she believed she was entitled to benefit. The trustees responded by asking the probate court in California to rule that Kira and Damian were not entitled to anything from the trusts, despite the fact that the trusts were set up to benefit "first-born grandchild", "second-born grandchild" and so on. The argument put forward was that they had not lived with their father as a regular member of the household while they were children and therefore Kira and Damian should not be classified as grandchildren.

The point I'm trying to make is that Steve Bing squandered $600m... imagine the amount of effort it takes to squander that amount of money. He also didn't want a relationship with either child, and in doing so, neither grandchild met their paternal grandfather, or indeed their cousins etc. and ultimately they remain strangers.

Seems to me Steve started kicking off after he realised that his net worth was now a few hundred thousand, and that his children would basically be left with nothing.

It's up to the grandfather what he does with his money, and seems the court agreed that he shouldn't be expected to hand over a stupendous of £££££ to grandchildren he's never met.

Steve Bing is the bad guy in this scenario. He's responsible for the choices he made.