Alfred Nobel is, along with his invention of dynamite, known as the founder of the Nobel Prizes. Less well known is that the prizes owe their existence to a 4-page Will that Nobel signed in Paris on 27 November 1895. A year after Nobel executed the Will, he passed away on the 10th of December 1896.
Nobel, who held 355 patents during his life, amassed a large personal fortune. After some small gifts to family members, Nobel in his Will bequeathed 94% of his total assets, that is, 31 million Swedish kronor (equivalent to approximately £170 million today when adjusted for inflation), to establish and endow the five Nobel Prizes which they would eventually come to be known as.
Despite the size of Nobel’s estate, the clause establishing the prizes was remarkably brief:
“The whole of my remaining realisable estate shall be dealt with in the following way:
The capital shall be invested by my executors in safe securities and 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 of an idealistic tendency; and one part to the person who shall have done the most or the best work for fraternity among nations, for the abolition or reduction of standing armies and for the holding and promotion of peace congresses.”
The final paragraph of the legacy dictates which institutions shall give which prizes, along with Nobel’s intention that the prizes be awarded without regard to nationality, so that the worthiest person will receive the award.
Despite its significance, his Will did not even establish the Nobel Foundation. Instead, it simply directed that his executors should invest his vast estate and distribute the
income as annual prizes. The Foundation itself had to be created later by Nobel’s executors to carry out his wishes. Because of the significant administrative challenges his executors faced, amongst which were a sprawling international estate and some disgruntled family members who questioned the terms of the Will, the Foundation was established about four and a half years after his death in June 1900, and the first Nobel Prizes were awarded on the 10th of December 1901, exactly five years after Nobel’s death.
The lasting legacy that Nobel has left is obvious. Being awarded a Nobel Prize is undoubtedly one of the most significant awards someone will receive. Among Nobel laureates are Albert Einstein, Alexander Fleming, Martin Luther King Jr., Nelson Mandela and Marie Curie. The Nobel Prize has become synonymous with excellence in science, literature and peacebuilding, and yet, one wonders whether Alfred Nobel appreciated how influential those few paragraphs would become.
Leaving your Legacy
While few estates lack the size and impact of Nobel’s, the principle and intention are the same. Whether you want your legacy to be that you provided for loved ones, benefitted a charity whose cause is important to you, or to establish a foundation for something close to your heart, the best place to start is with a Will.
Without a Will, your estate will pass in accordance with the rules of intestacy, which may not reflect your intentions, and which certainly will not establish a foundation in your name. With a Will, you have the surety that your wishes will be carried out by those you trust.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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