The founder and chairman of Viacom, Sumner Redstone, has released information about the plans he has for his media holding after passes away. Ninety-two-year-old Redstone controls CBS and Viacom. Recent stories featured in the Wall Street Journal and the New York Times have speculated on who will run the companies after he is gone.

Redstone indicated in his statement that he created a special independent trust 10 years ago, which will professionally manage his assets in a way that will benefit shareholders in CBS and Viacom. According to the Wall Street Journal, Redstone recently made some changes to his estate plan after ending a relationship with his 44-year-old girlfriend.

Much of the speculation about who will control the companies has been inspired by recent health concerns experienced by the media mogul. Redstone has had several mini strokes, which have made it more difficult for him to speak. Some have speculated that Viacom’s chief executive officer, Philippe Dauman or Sheri Redstone, his daughter, might be in control of the companies after Redstone’s death.

In his statements, Redstone also said that Dauman is his friend and partner, and he still has his full trust and support. Redstone said that he is confident that Dauman is on the correct path to success with regard to his corporate management plans.

Multi-billionaire media moguls are not the only ones who can benefit from setting up a trust as a part of their estate plans. Indeed, New York residents who have a more modest level of wealth can easily incorporate a trust into their estate plans for the benefit of their families and heirs.

Source: Broadcasting & Cable, “Redstone Confirms Plan to Put Assets in Trust,” Jon Lafayette, Oct. 07, 2015