And the family's missing millions

A FAMILY battle for cash has erupted over the will of Brisbane mining billionaire Ken Talbot, with claims his two youngest children weren't "adequately provided for", Supreme Court documents have revealed.

Talbot

A FAMILY battle for cash has erupted over the will of Brisbane mining billionaire Ken Talbot, with claims his two youngest children weren't "adequately provided for", Supreme Court documents have revealed.

The grandfather of Alexandra Talbot, 11, and her 8-year-old sister Claudia, is taking legal action against the will's executor, Paul Bret, on their behalf after they inherited a smaller share than their older half brother and sister.

Giovanni Francesco Morandini, who is the father of Mr Talbot's widow Amanda, also disputed a $1 million commission Mr Bret received, along with concerns the value of the late entrepreneur's estate has not been assessed and could be in excess of $800 million.

The Courier-Mail understands that the estate could be worth as much as $1.11 billion.

"I seek an order from this court that adequate provision be made for Alex and Claudia out of the estate of the deceased," Mr Morandini said in an affidavit lodged in the Supreme Court this week.

"As at the date of the swearing this my affidavit the Executor has not provided an accurate list of assets and liabilities of the estate to my daughter or her lawyers, however, I am informed by my daughter Amanda and verily believe that the deceased had interests in numerous corporate entities and trust structures and that the value of the estate could be in excess of $800 million."

Mr Talbot, who died in a plane crash over the Congo in June last year, wrote the will in 2002 when his wealth was estimated at $130 million.

The court documents confirm Mr Talbot left 30 per cent of his fortune to the Talbot Family Foundation for charity and 70 per cent to be shared among his wife Amanda and four children.

Of that, Mrs Talbot would receive 18 per cent of the income and capital from the trust fund and the two youngest 17 per cent each.

Mr Talbot's children from his first marriage Liam, 28, and Courtney, 26 would each receive 24 per cent. They are unable to access their inheritance until they turn 30 and then only 10 per cent.

The children can then obtain the remainder after they turn 36.

"I sincerely ask that all beneficiaries are sensible and do not argue," Mr Talbot said in his will.

"I particularly ask all beneficiaries to demonstrate some give and take. However in the event of any dispute, I appoint the managing partner of (Brisbane law firm) McCullough Robertson to determine the distribution of my personal effects."

Mr Morandini also raised concerns neither Alex nor Claudia were represented when Mr Bret's $1 million commission was authorised by the other beneficiaries.

"To the best of my knowledge, information and belief, Alex and Claudia were not advised as to this payment nor were their consents sought, nor were they given the opportunity to obtain independent legal advice," he said.

US-based Mr Bret is yet to file a response to the claim.