Not even the exceptionally wealthy are immune from fundamental estate planning errors. Time and time again, individuals name one kid as a Trustee. That is a great method to ensure that your other kids and beneficiaries will contest the administration of the Trust. A recent example concerns the estate of Lee Byung-chull who passed away in 1987. In his life, he established Samsung.
Sadly, he called his kid, Lee Kun-hee, Trustee of his Trust. According to reports, Kun-hee was expected to distribute the Samsung stock in the Trust to the recipients, including his bro and sister.
However, his brother or sisters declare that he moved the stock into his own name. They declare he unlawfully transferred $877 million worth of stock.
If you have that much money, there is no excuse not to work with an expert Trust Administrator. You do not even need anywhere near that much loan to work with a professional. Among the key goals of any estate plan should be to reduce the probability of household dispute over the estate. When you name a relative as a Trustee, you do the exact opposite.
Talk to your estate planning lawyer about hiring a professional Trust Administrator to be the Trustee for your Trust.