Publications
Publications
- January 2021 (Revised October 2021)
- HBS Case Collection
Ken Talbot—Cautionary Tale in Estate Planning
By: Christina R. Wing and Faith Lyons
Abstract
In 2010, Ken Talbot, a self-made Australian billionaire, was traveling throughout Africa to bring his innovative coal technology to the continent when he perished in a plane crash. His will was originally created years prior when his estate worth was estimated to be AU $130 million. At the time of his passing, however, his estate had grown over ten times to AU $1.3 billion and he hadn't yet finalized an updated will.
His beneficiaries were unaware of both the existence of his will and his intentions, which led to significant legal battles and the devaluation of a number of his assets. What could have been done differently to prevent the legal nightmare and emotional distress that plagued his family and ensure his loved ones carried out his intentions?
Keywords
Estate Planning; Entrepreneurship; Assets; Agreements and Arrangements; Lawsuits and Litigation; Valuation; Family and Family Relationships; Conflict Management; Australia; Africa
Citation
Wing, Christina R., and Faith Lyons. "Ken Talbot—Cautionary Tale in Estate Planning." Harvard Business School Case 621-071, January 2021. (Revised October 2021.)