Aldi Family Inheritance in Dispute in German Courts

Aldi is synonomous with bargains and the supermarket has over 10,000 stores in 20 countries. However the budget chain owners, the Albrechts, are well known as one of Europe’s richest families.

In 2018, German Aldi stores announced sales of over $30 billion and in their latest emerging market in the UK, $12 billion in sales. In June 2019, Aldi opened 2 stores in China. A truly global enterprise.

The family fortune was built by Theo and older brother Karl when they returned home from a prisoner-of-war camp in 1945, building their mother’s small grocery store into a discount shopping empire.

War has been waging over the family wealth ever since Theo Albrecht’s death in 2010.

Theo’s daughter and grandson will argue over the family trust in a German court this month, with daughter Babette and her 3 sisters accused of taking millions and embezzling funds from the family trust. Allegations previously made suggest $88 million has been withdrawn from the Trusts.

Testamentary trusts, or trusts created by a will are often useful financial vehicles for managing large estates. For tax and administration purposes, it can be even more prudent to establish life trusts to manage significant wealth.

This is the next chapter in an ongoing dispute which has seen the the cost-conscious Aldi builders elders pitted against the younger family fortune heirs. Forbes reported the $16.7 billion fortune left by Albrecht to his sons is now estimated to be worth $21.2 billion.

When you nominate trustees and plan your inheritance, make sure you really do trust the people you ask to deliver your wishes.

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