Leaving an inheritance is a universal topic, one that has effects on family members in all areas of the world. In South Korea, siblings Lee Sook-hee and Lee Maeng-hee have both filed suit against their brother, Samsung Electronics chairman, Lee Kun-hee. Both siblings claim that their brother incorporated their share of the Samsung Life Insurance and stocks into his own stockholdings upon their father’s death. Both siblings are demanding restitution of the shares and stocks to make up for the loss.
The brother, Lee Maeng-hee is claiming the rights to $636 million dollars worth of Samsung Life Insurance shares, and $89,000 worth of stocks. The sister, Lee Sook-hee is demanding 2.23 million shares in Samsung Life Insurance and 10 preferred stocks in Samsung Electronics.
Samsung Electronics has refused to comment on the situation, stating that it is a civil matter and in no way affects nor is related to the company and its business endeavors.
This is yet another example of why proper estate planning is so important. Whether your estate is vast or minimal, your loved ones need to know your wishes. In fact, they deserve to know. These siblings are being torn apart, breaking down family relationships which may never recover. Don’t put your loved ones through the same experience. Contact MH at 888.222.1328 to schedule a free consultation and discover have a living trust can help you and your family.
About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, powers of attorney, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!