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.

@hyperbole001

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.

You still haven't understood, have you.

This is not the grandfather's money. It is money he has put in trust for his grandchildren. It has not been "his" money since the trusts were set up. There was no limitation in the trusts that would exclude grandchildren born out of wedlock, nor was there any requirement that he should meet them. The courts have now allowed the trusts to exclude two of his grandchildren.

Steve did not "start kicking off" at all. As per my last post, this started when his daughter, Kira, asked to see the trust deeds. At that point, the trustees started legal action to exclude Kira and Damian. It was only then that Steve got involved.

Whether Steve squandered his inheritance depends on your definition. He appears to have mainly lost it through failed investments, including funding some unsuccessful films, and through being too trusting of other people. He does not appear to have wasted it on high living.

I struggle with your definition of Steve Bing as "the bad guy". But, in my view, Dr Peter Bing has behaved appallingly. He has penalised two of his grandchildren because of their parents' lifestyle choices.

I think it's the right decision. Liz Hurley hardly even acknowledged who the father of her child was. Now there's money involved it's a different story.

@Viviennemary

I think it's the right decision. Liz Hurley hardly even acknowledged who the father of her child was. Now there's money involved it's a different story.

I don't think that is a fair characterisation of Liz Hurley's actions. Even if it was, how does that justify excluding Damian from money that appears to have been put into trust by his grandfather to be shared equally between his grandchildren?

@prh47bridge You seem to have the inside track on everything that has gone on - hear it first hand did you?

I struggle with your definition of Steve Bing as "the bad guy".

No, of course, the man who didn't acknowledge his own children existed for most of their lives isn't the 'bad guy'. The guy who upon Liz's pregnancy announcement, distanced himself from her and claimed they were never in an 'exclusive' relationship, isn't the 'bad guy'. The guy who for years denied that Kira was his biological daughter but refused to take a DNA test (despite multiple requests) isn't the 'bad guy'.

Kira's parents had to steal a flossing stick from his bin to conduct the DNA test for ffs. No, he's not the 'bad guy'. Give over!

If I left money to my grandchildren or put money in a trust I wouldn't expect folk to turn up out of the blue saying oh by the way I'm your grandchild too. Where's my cut.

[quote hyperbole001]@prh47bridge You seem to have the inside track on everything that has gone on - hear it first hand did you?

I struggle with your definition of Steve Bing as "the bad guy".

No, of course, the man who didn't acknowledge his own children existed for most of their lives isn't the 'bad guy'. The guy who upon Liz's pregnancy announcement, distanced himself from her and claimed they were never in an 'exclusive' relationship, isn't the 'bad guy'. The guy who for years denied that Kira was his biological daughter but refused to take a DNA test (despite multiple requests) isn't the 'bad guy'.

Kira's parents had to steal a flossing stick from his bin to conduct the DNA test for ffs. No, he's not the 'bad guy'. Give over![/quote]
No, I didn't hear it first hand. I have no involvement whatsoever. All I know about this case is information I've got from public sources. I have no more information than you. And I'm not saying Steve Bing was perfect - far from it.

For the sake of accuracy, public sources disagree with your version of what happened regarding Kira's mother. Neither she nor anyone acting on her behalf stole a flossing stick. That was a private investigator working for her ex-husband, Kirk Kerkorian, who wanted to prove that Kira was not his child so that he could avoid paying maintenance for her. Kira's mother always said Kerkorian was the father. Steve Bing did not, according to public sources, refuse to take a DNA test regarding Kira. He was never asked to do so as Kira's mother wasn't attempting to prove he was Kira's father. She was insisting that he wasn't. Mr Kerkorian was attempting to prove that Bing was the father. It would, of course, have been enough for his case to prove that he wasn't Kira's father. From a legal perspective, Kerkorian did not need to prove that Bing was Kira's father.

It is true that Bing distanced himself from Liz Hurley when she announced her pregnancy and initially denied that Damian was his son, although reports suggest that he later formed relationships with both his children.

I wouldn't call Steve Bing a good guy. He clearly was not. After all, at one point he wrote his will to specifically exclude Kira and Damian from inheriting. However, calling him "the bad guy" clearly implies that this situation is all his fault and his father, Peter Bing, is the good guy, despite the fact that he has acted to ensure that Kira and Damian do not receive money to which they are entitled. I cannot agree with that characterisation. "A bad guy" maybe. "The bad guy" no.

@Viviennemary

If I left money to my grandchildren or put money in a trust I wouldn't expect folk to turn up out of the blue saying oh by the way I'm your grandchild too. Where's my cut.

That is the risk you take if you choose to put your money in trust for your grandchildren without specifying who they are. Once you've done that, anyone who is your biological grandchild has a claim. If you want to prevent that happening, either specify who you mean or put other conditions in place that will prevent unexpected claims.

Well Steve’s Bings access to vast wealth doesn’t appear to have made him happy or done him much good.

@prh47bridge Fair enough. You're clearly more informed on the matter than I am.

That is the risk you take if you choose to put your money in trust for your grandchildren without specifying who they are. Once you've done that, anyone who is your biological grandchild has a claim. If you want to prevent that happening, either specify who you mean or put other conditions in place that will prevent unexpected claims

This is the point I was alluding to in my earlier post. It can't be denied that they're his grandchildren biologically, what has now happened is that the court have allowed them to apply certain stipulations & conditions to the trust funds retrospectively. If this was important to Steve Bing's father why didn't he consider it originally? He's set up the trust fund releasing his money in to them & then years down the line changed his mind & moved the goalposts. Wouldn't be surprised if there was money involved in the court's ability to help him do that!

I think Damian is probably better off without it anyway. They sound like an awful family and money doesn’t buy you happiness(often quite the opposite).

600m??

600?

I think it's the right decision. Liz Hurley hardly even acknowledged who the father of her child was. Now there's money involved it's a different story.

^^ This so much

@Ibizafun

I think it's the right decision. Liz Hurley hardly even acknowledged who the father of her child was. Now there's money involved it's a different story.

^^ This so much

What do you mean she "hardly even acknowledged who the father of her child was"? She always insisted it was Bing and, when he denied it, went to court to prove it.

Bing then said he would pay £1.8M in annual instalments of £100k but Hurley refused to accept these payments, so I don't see that your "now that there's money involved" charge holds any water. And the court case was between Steve Bing and his father, so I fail to see where Liz Hurley enters into it.

Unfortunately, the full judgement does not appear to have been published, so I can't see the court's reasoning. On the published facts, it seems a very odd judgement.

I have now found the full judgement.

It appears the trusts contain a term granting the trustee (Steve Bing's father, Peter) "the power to construe this Declaration of Trust, and any reasonable construction adopted after obtaining the advice of responsible legal counsel shall be binding on all persons claiming an interest in the trust estate as beneficiaries or otherwise." Peter wished to use this term to exclude Kira (Steve Bing's other child) and Damian from inheriting on the basis that they were born out of wedlock and did not live with Steve as members of his household whilst minors for a substantial period of time.

The lower court found that the term "grandchild" was unambiguous and not amenable to the definition Steve Bing's father was attempting to impose and therefore his after-the-fact attempt to redefine the term was irrelevant. The higher court disagreed and accepted that the definition he wished to impose was reasonable, as a result of which neither Kira nor Damian will inherit from their grandfather. The money will instead go to the children of Mary, Steve Bing's sister.

@prh47bridge thanks for the update.

What a prick, he should be ashamed of behaving so appallingly to his own grandchildren. No wonder Steve Bing was such a fuck up as well - dysfunction breeds dysfunction, sadly.

It's hard for me to get upset over a very privileged, wealthy teenager missing out on even more money than he already has.

There is no right in English or US law to inherit anything. Secondly most traditional legal systems did not include children born out of wedlock - people in the UK who "live in sin" may not remember that but it is still a thing all over the globe!

@prh47bridge Thanks for your clear posts on this thread. The misunderstandings about this case are frustrating.