Estate Planning

$14 Billion Estate Including Offshore Trusts, No Will, 9 kids, Multiple Unmarried Spouses, One Wife, etc.

By Hull & Hull LLP

Wang Yung-Ching died at the age of 91 in New Jersey without a will (so far).   Of course, New Jersey has intestacy laws.  But according to the New Jersey's Star-Ledger, Mr. Wang owned a multi-national conglomerate worth around US$7 billion (the basic American Dream story: immigrant founds Formosa Plastics)... with at least nine children... by at least two different women in long-term relationships, none of whom was Mr. Wang's surviving married wife of more than 70 years... and one son has filed court documents alleging additional assets transferred by 2 half-sisters and a cousin, including $7.5 billion in Cayman Islands trusts and $1 billion to a bank in Switzerland ... and while Mr. Wang's corporate headquarters were in New Jersey, he also held approximately $1.7 billion in cash, stocks and real property in Taiwan... and a potential fourth spouse has emerged in Taiwan, with 3 more purported children.  

Mr. Wang's eldest son, Winston Wong (same surname, just different spelling), has applied to be appointed as the estate administrator in New Jersey.  According to an Associated Press report, last week a judge adjourned a motion made by one of Mr. Wang's daughters to dismiss Winston Wong's application on the grounds New Jersey was not the proper jurisdiction. 

Winston Wong also has been granted powers of attorney by Mr. Wang's wife, and he is applying or petitioning to be appointed her guardian (the reports go no further on this issue).  This is being contested by some other siblings.  The guardianship issue is less hashed out in the reports but with Mr. Wang's wife entitled to around 50% of her deceased's husband's estate if New Jersey's intestacy laws apply, what are the odds of that changing?   

There's enough money at stake to ensure every possible issue (or non-issue) gets litigated, across the globe. 

Have a great day.

Chris Graham

Full post as published by Toronto Estate Law Blog on August 18, 2009 (boomark / email).