Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Billionaire former Zappos CEO left no will – here’s why you should

Billionaire former Zappos CEO left no will – here’s why you should

"More than half of Americans do not have a will or trust in place" says eWill.org CEO Vincent Swift,

Former Zappos CEO Tony Hsieh reportedly did not leave a will behind after he died last week in a fire.

Hsieh, 46, retired as head of the e-commerce retailer in August and died from complications related to smoke inhalation while visiting family in Connecticut. His estate is estimated to be valued at $840 million.

Hsieh’s family has asked for his father and brother to be named as special administrators of his estate.


Here are some things to know about wills and trusts and what happens when you put no plan in place:

Wills vs. trusts


A will is a document that outlines how assets and money will be transferred to beneficiaries at the time of death. The transfer takes place immediately in most cases – or at most over the span of months, depending on the asset. With a will, your finances will become part of the public record, so other people can see what assets you had and what decisions you made regarding the division of those assets, Dave Hanley, CEO and founder of the will- and trust-creation app Tomorrow, told FOX Business.

One reason wealthy or famous people often put off creating a will is that they don’t want to have their information made publicly available.

A trust, on the other hand, will divvy out assets over time and keep your information completely private.

If you choose to create a trust, it is often prudent to still write a will as a “catch-all,” Amy Joyce, a partner at Margolin, Winer & Evens, told FOX Business. This is because things like jewelry often aren’t accounted for in a trust and can go overlooked.

There is a way to maintain your privacy while using this strategy, too. Joyce said by writing a short will stipulating that all your assets be transferred to the trust, you can cover your bases.


When no plans are in place


Without a will or trust in place, property will be distributed in probate court by a process known as intestate succession, which will typically result in all of an individual’s finances becoming public. It could also take years, and a lot of money, to sort out the final details pertaining to the assets.

While the laws in every state are different regarding the division of assets, typically – sans legal documents – a portion of the deceased’s belongings is divided equally among children, while some generally go to a spouse. The state where the death occurred will have jurisdiction over who gets what.

Unsurprisingly, it’s not always clear cut.

“It gets a lot more complicated if you have things like a farm or a family vacation house,” Hanley said.

For the average person, intestate succession can end up costing more because the process has to go through the court system.

“It’s not about saving taxes, but it is about saving money,” Joyce said. “[Creating a will] is generally very inexpensive … It may end up saving the family in the future 10 times what it costs [to make one]. It’s a relatively small financial investment for peace of mind.”

Not having a will can also be particularly costly for guardianship cases.

Beyond the bureaucratic and financial concerns, not having a plan in place can take an emotional toll on loved ones: Dividing assets is often stressful, particularly when it comes to property with sentimental value, and can sometimes lead to hurt feelings or fighting.

Who should make a will?


While more than half of Americans do not have a will or trust in place, individuals do not have to wait until they’re older to write one.

“It’s great to start as early as possible and [update it] as part of your habit,” Hanley said.

Younger Americans are often most vulnerable, Hanley added. Those who have been living with partners for years can leave their loved ones in a lurch if something happens.

Meanwhile, Joyce said as soon as you’re legally an adult, you should file documents, because if something should happen, you want your family members to be involved to the extent that they should be, instead of having the state making decisions on your behalf.

Wills can be updated continually throughout an individual’s life and do not go into effect until a person’s passing.

In addition to directing what should be done with assets, both Hanley and Joyce point out that guardianship is equally, if not more, important. That provision within a will is something that can also be updated regularly, as children age and circumstances change, or relatives move.


eWill - an online will service for your digital assets

As digital Assets become more valuable than physical assets, you may want to consider eWill.org  - a new online service that solve the digital assets problem.



AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
AI Is Remaking the US Economy, From GDP Growth to iPhone Prices
Spain and Morocco Trade Blame After 72,000 Migrants Enter Ceuta
Europe’s Heat and Drought Are Now Disrupting Power, Shipping and Tourism
Europe’s Drying Rivers Trigger Power Cuts, Factory Shutdowns and Wildfire Emergencies
Record-Low Danube Forces Nuclear Cuts and Emergency Power Curbs
Danube Drought Forces Hungary’s Paks Nuclear Plant Into Full Shutdown
Ceuta Death Toll Rises as Spain and Europe Clash Over Border Response
Valued at $109 Million: F-35B Fighter Jet Crashes in Southern California
Record-Low Danube Exposes Probable Mammoth Remains in Bulgaria
US Says It Has Carried Out Heavy Strikes on Iran After Attempted Attacks on Its Forces
The AI User Nightmare: Private Claude Conversations Leaked to the Internet
Over 24 Hours in the Air: Qantas Airbus Completes Record-Breaking Test Flight
Massive Wildfires Ravage Southern Europe: Fatalities in Greece and Evacuations Across France, Spain, and Turkey
Nvidia Reportedly Takes Vast Texas Data-Centre Lease to Underwrite AI Expansion
FIFA’s Private-Investment Plan for World Cup Rights Draws European Revolt
Apple Briefly Crosses Five Trillion Dollar Valuation as Investors Retreat From AI Bets
Fresh Heatwave Threatens to Rekindle France’s Historic Wildfire Crisis
Following OpenAI's Cyberattack: 'Most Companies Still Do Not Understand What Is Coming'
OpenAI Sued After ChatGPT Allegedly Discouraged Emergency Care Before Near-Fatal Embolism
Miliband Sets Climate and International Law at Centre of UK Diplomacy
Czech Central Bank Governor Rejects Early Euro Entry and Rate-Cut Pressure
Trump Readies New Tariffs as Temporary Global Levy Nears Expiry
Vivienne Westwood Casts Cicciolina, 74, in Its New Autumn Campaign
Dejavu: Germany’s Military Expansion Reshapes Europe’s Strategic Balance With France
Morgan Stanley Builds a Wall Street Lead in AI Infrastructure Finance
High Prices Push Coffee Drinkers Toward Whole Beans and Home Brewing
Trump Draws Boos and Podium Scrutiny at Spain’s World Cup Triumph
Brilliant move: Péter Magyar Moves to Nominate Chess Grandmaster Judit Polgár as Hungary’s President
Spain Defeats Argentina in Extra Time to Win Second World Cup
Current AI Seeks to Build an Open Global AI Infrastructure Outside Big Tech Control
Germany’s Economic Malaise Reopens the Sunday Shopping Debate
Proposed U.S.-Saudi Nuclear Pact Could Permit Limited Uranium Enrichment Under International Safeguards
Netherlands Declares Water Shortage Emergency After Drought Pushes Rivers to Historic Lows
Why Kentucky Fried Chicken Became KFC—and Why the False Explanations Persist
Ukrainian Drones Strike Wildberries Warehouses Deep Inside Russia
Reported CIA Mission Helped Clear the UAE’s Path to Advanced US AI Chips
Artificial Intelligence Capital Fuels Markets While Governments and Regulators Face Mounting Strategic Tests
China’s Moonshot’s Kimi K3 Narrows the Gap With Anthropic Through Scale, Openness and Lower Cost
The Ledger Will Not Trust on Faith
Trump Administration Pressures Banks to Restrict Financial Access for Undocumented Immigrants
Passenger Bound for Germany Refused to Sit Beside a Woman on a Plane — Then Slapped a Flight Attendant
Ukraine’s Leadership Rift Spills Into the Streets as Protesters Target Army Chief
Ukrainian Drone Barrage Kills Eight and Strikes Russian Logistics Network
The Ten World Cup Finals That Defined Football History
Smartphones Are Getting More Expensive, Sales Are Collapsing, and Even Apple Admits: "Prices Will Rise"
The Monaco Bombing Has Become a Test of Ukraine’s Intelligence Accountability
Leadership Change and Strategic Rivalry Redraw the Political Map
The AI Race Enters Its Infrastructure Era
Britain Nationalises British Steel to Protect Scunthorpe Production and Strategic Supply
French National Assembly Overrides Senate to Pass Historic Assisted-Dying Legislation
×