Billionaire Dies Without A Will – Battle Begins

I picked up this story recently where Taiwanese billionaire YC Wang died at age 92 without leaving a Will. A legal mess in looming due to the complicated life of Mr. Wang.

YC Wang do not have children of his own with his sole wife but have 9 children from different women companions over the years. The children and nephews are looking to be executors of the estate. Several of his nephews set up overseas trust to avoid taxes in Taiwan and US possibly without his knowledge. The trust are massive at over $7 billion but could have been set up unlawfully. While there are many twist to this story, it seems a bit strange for a billionaire not to have a Will nor to have it properly kept.

Whether you are wealthy or not, stories like this happen all the time. Don’t make the mistake of creating a financial and legal quagmire for your family.

The full story on Forbes.com is here.

Pic from flickr