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Mike Wallace's family and alma mater to benefit from his will

The University of Michigan is in line to receive a substantial alumni donation, as recently deceased news legend Mike Wallace left the school a treasure trove of materials relating to his professional career.

Most of our Michigan readers are probably familiar with Wallace. He turned the CBS news show "60 Minutes" into one of the most respected outlets for serious journalism, and he was the face of the show for almost 40 years. Wallace died in April of this year, but there may have been a problem with his last will, despite his generous gift to his alma mater.

According to reports, the most recent version of Wallace's will indicated that most of his fortune of approximately $21 million was to go to his wife, Mary. But Mary died in early September of this year, and it seems that Wallace's last will has not been processed in court.

In Wallace's case, his fortune will now be split between his children, including Chris Wallace of Fox News, and their children. Reports have indicated that these funds will go into trusts.

Throughout his years in the news business, Wallace accumulated substantial non-financial assets as well. In fact, it would be difficult to place a monetary value on the tapes, awards and other trappings of his journalistic career. It appears that the family and the probate court will honor Wallace's desire to have his professional materials donated to the University of Michigan.

As the story of Mike Wallace's will demonstrates, a last will is a powerful document that speaks volumes on a person's behalf after he has passed on.

Source: New York Post, "'60 Minutes' legend Mike Wallace died with $21M fortune," Dareh Gregorian, Sept. 25, 2012

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