Almost every estate planning client has family protection as a major if not primary legacy goal.
The worst legacy you can leave is to leave your children fighting each other.
Looks like that’s what Tony Bennett did, because he put his trust in one child to administer his estate for the other children.
That’s fine in theory, and often it works out.
Often, it does not.
There are alternatives. You can name all the kids as co-trustees. You can name close friends or possibly other relatives. You can name a trust company or a licensed professional fiduciary. You can give various persons the right to remove and replace a trustee. You can include provisions for a trust protector, for an even higher level of protection against intra-family litigation.
Some of the worst estate planning is found among the wealthy.
