Slain billionaire Barry Sherman divided estate equally among four children
Slain billionaire Barry Sherman left his entire estate to be evenly distributed among his four adult children in the event of his wife’s death, according to court documents.
The estate had sought to have all documents pertaining to the last will and testament of the Apotex founder sealed due to safety concerns but in a unanimous decision last week the Supreme Court of Canada ruled that the contents of the documents did not meet the threshold to warrant an exception to the open court principle and ordered their release.
The newly unsealed estate papers list assets of more than $124 million, though that number would not include the bulk of the Sherman fortune that was tied up in various holding companies.
In fact, at the time of Barry Sherman’s death Forbes had estimated his net worth at $3.2 billion U.S. and the Toronto Star has reported that it could be much higher than that.
Among the dozens of pages of documents unsealed on Friday is Sherman’s primary will as well as a secondary will that covered another tranche of assets.
In the primary will, Barry directs his trustees to evenly distribute his entire fortune among his four children in the event of Honey Sherman’s death.
But he asks that more than 40 per cent of each child’s share be withheld until they turn 35. They would receive one quarter of their share upon turning 24 and one-third upon turning 30.
Sherman also laid out instructions in the event that he died before his wife.
In that case, he asked that trustees hold his entire estate in trust and pay “the net annual income derived therefrom” to Honey Sherman “in quarterly instalments.
He also gives his trustees “absolute and unfettered discretion” to provide Honey Sherman with additional payments from his estate to provide for her “comfortable maintenance and benefit” as they deem fit.
Interestingly, Sherman does not direct that any portion of his estate be donated to charity and instead states that his four children - Lauren, Jonathon, Alexandra and Kaelen - would split it evenly upon Honey’s death.
Both Barry and Honey Sherman were noted philanthropists who gave hundreds of millions of dollars to charity over the course of their lifetimes.
“I direct my trustees to divide such residues as it then exists into as many equal shares as may be required to carry out the following and to set aside one of such equal shares for each child of mine who survives the division date…” the will states.
SHERMAN WILL WAS LAST UPDATED IN 2017
The release of the estate papers comes nearly three-and-a-half a years after Barry and Honey were found dead in their home on Old Colony Road by a realtor showing the property.
They were found in a semi-seated position on the deck of their indoor pool, hanging by belts from a railing. Autopsies revealed that both Honey and Barry died of ligature neck compression.
While some police sources initially suggested that the incident could have been a murder-suicide, police eventually classified it as a double homicide.
However, to date no arrests have been made.
Barry’s primary will is dated May 13, 2005 but it was amended in March, 2017, just prior to his death, to change the trustees listed.
He previously named eight trustees including all four of his children but in 2017 changed it so that only his son Jonathon Sherman, his son-in law Bradley Krawczyk, his business partner Jack Kay and family holding company executive Alex Glasenberg were listed as trustees.
The estate papers suggest that Barry had $124 million in assets at the time of his death, including more than $6 million in real estate holdings.
Honey Sherman did not have a will at the time of her death.
CTVNews.ca Top Stories
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
'State or state-sponsored actor' believed to be behind B.C. government hacks
The head of British Columbia’s civil service has revealed that a “state or state-sponsored actor” is behind multiple cyber-security incidents against provincial government networks.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
Mother assaulted by stranger while breastfeeding baby in her car: Vancouver police
A person was arrested in East Vancouver Thursday after allegedly entering a car while a mother was breastfeeding her four-month-old boy.
More than half the Canadians once detained in Syrian camps for suspected ISIS family members have returned home
A total of 29 Canadians have been freed from detention camps in northeast Syria and brought back to Canada since human rights advocates began lobbying for their release years ago.
Rare severe solar storm Friday could bring spectacular aurora light show across Canada
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Canada abstains from Palestinian UN membership vote but supports two-state solution
Canada was one of 25 countries that abstained from a United Nations vote on Palestinian membership that passed with overwhelming support on Friday.
Amish youth experience a rite of passage called Rumspringa. It’s not what you might think
The idea of “Rumspringa” has a specific spot in the American imagination. A rite of passage for young people in some Amish communities, Rumspringa is seen by most outsiders as a wild time away from strict Amish rules, when teenagers can experiment with the modern vices of the world.
Djokovic needs medical attention after getting knocked on the head by a water bottle at Italian Open
Novak Djokovic needed medical attention after apparently getting knocked on the head by a water bottle after a win at the Italian Open on Friday.