Not even the extremely wealthy are immune from basic estate planning mistakes. Time and time once again, individuals name one child as a Trustee. That is a great method to make certain that your other kids and heirs will contest the administration of the Trust. A recent example concerns the estate of Lee Byung-chull who died in 1987. In his life, he established Samsung.
He called his kid, Lee Kun-hee, Trustee of his Trust. According to reports, Kun-hee was supposed to distribute the Samsung stock in the Trust to the beneficiaries, including his bro and sibling.
However, his brother or sisters declare that he transferred the stock into his own name. They declare he illegally transferred $877 million worth of stock.
If you have that much loan, there is no reason not to work with an expert Trust Administrator. You do not even need anywhere near that much loan to work with an expert. Among the essential objectives of any estate plan ought to be to lessen the probability of family dispute over the estate. When you name a relative as a Trustee, you do the specific opposite.
Talk to your estate planning attorney about hiring a professional Trust Administrator to be the Trustee for your Trust.