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Trust Provisions Result in 30-Year-Old Billionaire, Youngest in America

Trust Provisions Result in 30-Year-Old Billionaire, Youngest in America

In-N-Out Burger has been family owned since the first simple stand opened in the late 1940s and upon turning 30 years old, Lynsi Torres has inherited half of the company. Since it was first established by Torres' grandparents, Harry and Esther Snyder, in 1948, family members have always owned the restaurant and as a result, the restaurant has expanded into a very popular and successful chain. Harry Snyder died in 1976 so Torres' uncle became company president while his mother, Esther, retained ownership after her husband's death. Torres' uncle expanded the business from 18 locations to nearly 100 before his death in a 1993 plane crash. Torres' father then became the company president and continued its success and growth until his untimely death in 1999. When her grandmother died in 2006, under the terms of the family's trust, Torres inherited half of the company at age 30. She will gain full ownership when she turns 35 and her two children—twins—are likely to become future owners as well. The now Irvine-based burger chain has nearly 300 restaurants in five states and continues to be privately owned with no franchises. According to Bloomberg, In-N-Out is estimated to be valued at about $1.1 billion. The Torres' family, through careful planning ensured that their valuable business remained in family hands. You too can make sure your estate and assets—no matter how basic or grand—are passed on according to your wishes by hiring a competent estate planning lawyer now.

Do you have questions regarding establishing or managing a trust?

Contact the Finlay Law Group if you need help with a trust matter. We are dedicated to providing clients in Orange County with highly competent legal representation in a variety of estate planning issues including trust administration, trust disputes and trust litigation. Get your questions answered and find out what your options are when it comes to your estate planning needs.

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