The Canadian-born Mr Jennings, who was 67, updated his will in mid-April, two weeks after appearing ABC's evening news bulletin to tell viewers he was stricken with inoperable lung cancer and would be taking a break to undergo treatment. It was the last appearance. He had been ABC's main anchor since 1983.
The legacy will mostly benefit Mr Jenning's fourth wife, the television producer Kayce Freed. She is to receive 50 per cent of her late husband's assets, which include two racehorses, Channel Gate and Cabin Fever.
By the end of his career, Mr Jennings was draring an annual salary from Disney-owned ABC of $10m. Not bad for a reporter who started as lowly reporter on Canadian television before moving to the US and beginning work for ABC.
The balance of his assets will be left to two children from his third marriage. He also left $1m to the Peter Jennings Foundation, a charity he established to help the homeless and people with drug addictions.
ABC has indicated that it will announce a full-time successor to Mr Jennings in the next few weeks.