French Billionaire Seeks Right to Disinherit Children
5 reported
A French billionaire has asked lawmakers to change inheritance laws that require him to leave most of his wealth to his children. Pierre-Edouard Sterin, founder of Smartbox and worth about €1.4 billion, told French senators he wants to disinherit his five children and donate everything to charity. Under the Napoleonic Code, French law mandates that with five children, three-quarters of his estate must go to them, leaving only one quarter freely disposable. Sterin argued for complete freedom to decide the fate of one’s assets, saying it is “a real freedom to start with nothing in life.”
What’s reported
Pierre-Edouard Sterin is the founder of Smartbox and worth about €1.4 billion.
He told French senators he wants to disinherit his five children and donate everything to charity.
French law, under the Napoleonic Code, mandates that with five children, three-quarters of his estate must go to them.
Only one quarter of his estate is freely disposable under current law.
Sterin argued for complete freedom to decide the fate of one’s assets.
Key figures
Pierre-Edouard Sterin, founder of Smartbox, worth about €1.4 billion.
Sources: marginalrevolution.com
