Multi-millionaire Dr. Peter Bing recently tried to stop Liz Hurley’s 17-year-old son Damian from getting access to his fortune—because he was born out of wedlock.
However, Wealth Advisor’s recent article, “Liz Hurley's son Damian wins legal battle against grandfather over inheritance,” says that a Los Angeles judge ruled recently that Damian–fathered by Dr. Bing’s son, Steve–is a rightful beneficiary of the family trust.
Dr. Bing argued that his son, American businessman Steve Bing, has “never met” Damian and he doesn’t want the child to inherit any of his fortune.
In addition, Dr. Bing insisted that after creating the family trust in 1980, he stipulated that any grandchild must be “raised by my children as part of their families” to benefit from it.
The elder Bing noted in recent court papers that the trust “would not benefit any person born out of wedlock, unless that person had lived for a substantial period of time as a regular member of the household”.
Dr. Bing claimed that the definition of the term “grandchild” in the trust was unclear.
However, in court papers, Judge Daniel Juarez wrote: “There is no ambiguity in the trust’s use of the term ‘grandchild’”.
“The trustee’s [Dr Bing] interpretation of the trusts is unreasonable, and the trustee’s construction of ‘grandchild’ is simply unfounded.”
Damian was born to The Royals actress Elizabeth Hurley in 2002.
Steve Bing is worth roughly $555 million. He initially denied that he was Damian’s father, saying the couple was not in an exclusive relationship at the time. However, a paternity test proved he was the father of the child.
Reference: Wealth Advisor (July 23, 2019) “Liz Hurley's son Damian wins legal battle against grandfather over inheritance”