I recently came across this article written about the drama unfolding at Scholastic, the beloved children’s book publishing company, after the company’s CEO, Maurice Richard “Dick” Robinson Jr., passed away on June 5, 2021. Dick had inherited the company from his father, who founded Scholastic.

Following his death, his family – his two sons and ex-wife, expressed shock at Dick’s will and succession plan for the $1.2 billion company. Dick had left the controlling stake of the company to his former girlfriend, Iole Lucchese, who was an executive at Scholastic.

The will, which was drafted in 2018 when Dick and Iole had been romantically involved, left his personal possessions and control of the company to Iole by giving her 53.8 percent of Scholastic’s Class A stock, which holds voting power. In his will, Dick described Iole as “my partner and closest friend.” The bequest of the majority stock in the will to Iole, rather than to his two sons, also changed the dynamics of the family company, which was now for the first time controlled by an outsider.

Those in Dick’s circle believed that Dick had intended to rewrite his 2018 will. His family also maintains that Dick was working on a new will at the time of his death.

It is reported that Dick’s two sons have refused to sign any legal documents saying they will not contest his will, opening the possibility for the two sons to commence a legal battle for Dick’s estate, worth around $100 million. We will have to stay tuned as this drama undoubtedly plays out.

An important reminder from this looming litigation is for a testator to be open and clear with family members regarding the succession plan for a family business. This is an important way to adjust and manage expectations, to help ensure that the will is not challenged by aggrieved family members after the testator’s passing. Moreover, it is a pertinent reminder to update your will in accordance with any important life events and changing circumstances, to ensure that your will reflects your last wishes.

Thank you for reading.

Endrita