Alfred Nobel’s Will – Creating a Legacy

This is a great example of using a Will, structured properly to create a lasting legacy for the greater good. Alfred Nobel is known for his invention of dynamite and his name is perhaps best known for the Peace Prize he created when he died.

What many people did not know is he used his Will and directed his trustees to use a sizeable portion of his estate to create the 5 Nobel Prizes.

An excerpt of his Will as follows

“The whole of my remaining realizable estate shall be dealt with in the following way: the capital, invested in safe securities by my executors, shall constitute a fund, the interest on which shall be annually distributed in the form of prizes to those who, during the preceding year, shall have conferred the greatest benefit on mankind. The said interest shall be divided into five equal parts, which shall be apportioned as follows: one part to the person who shall have made the most important discovery or invention within the field of physics; one part to the person who shall have made the most important chemical discovery or improvement; one part to the person who shall have made the most important discovery within the domain of physiology or medicine; one part to the person who shall have produced in the field of literature the most outstanding work in an ideal direction; and one part to the person who shall have done the most or the best work for fraternity between nations, for the abolition or reduction of standing armies and for the holding and promotion of peace congresses.”

You can argue that Alfred Nobel being an inventor has accumulated an estate large enough to create such a foundation and you are right. However, a normal person which might not have accumulated large assets can also form a foundation, if you so wish to.

All you have to do is to use a suitable financial tool, to fund the trust when you pass on. Well, you can now create your own legacy for people to remember you by.