Arab Press

بالشعب و للشعب
Saturday, Feb 22, 2025

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.



Newsletter

Related Articles

Arab Press
0:00
0:00
Close
The negotiation teams of Trump and Putin meet directly, establishing the groundwork for a significant advance.
Israeli Minister Urges Hamas to Surrender and Depart from Gaza.
Iran Considers Moving Its Capital Due to Urban Difficulties
Israel and Hamas Finalize Sixth Exchange of Hostages and Prisoners During Continuing Gaza Ceasefire
Leaders of BRICS to Gather in Rio de Janeiro for July Summit
Muhsin Hendricks, a trailblazing openly gay imam, was killed in South Africa.
Trump's special envoy for hostage affairs cautions Hamas against challenging Trump before Saturday's deadline.
Two British citizens apprehended in Iran amid escalating tensions.
Israel Issues Threat of Military Action as Hostage Negotiations with Hamas Continue
Hamas Coordinates Worldwide Solidarity Marches in Reaction to U.S. and Israeli Initiative
Israel Warns of Ending Gaza Ceasefire Due to Hostage Situation
King Abdullah II Dismisses US Proposal to Relocate Palestinians, Commits to Welcoming Gaza Children.
Lebanon Installs New Government with Hezbollah's Impact on Key Ministries
Report: Iran Attempted to Assassinate Trump During Election Campaign
U.S. Authorizes $7.4 Billion Arms Sale to Israel
Iran's Supreme Leader Rejects Nuclear Negotiations with the U.S.
UN Chief Denounces Trump's Gaza Plan, Cautions Against Ethnic Cleansing
Pressure Intensifies for a Free Trade Agreement between the UK and GCC in Light of Economic Difficulties
Israel to Withdraw from UN Human Rights Council Due to Accusations of Anti-Semitism
EU Reaffirms Gaza's Essential Role in Future Palestinian State Following Trump's Proposal
Iranian Currency Reaches All-Time Low Amid US 'Maximum Pressure' Initiative.
UN Reaffirms Ban on Deportation from Occupied Territories Amid US Gaza Proposal
Palestinians Fear Repeat of 'Nakba' Amid Ongoing Crisis in Gaza
UAE Aids in the Exchange of 300 Prisoners Between Russia and Ukraine
Egypt Seeks Global Backing for Two-State Solution Following US Proposal for Gaza Plan
Trump's Suggestion to 'Seize Control' of Gaza Represents a Significant Shift in US Policy
French President is the first EU leader to extend congratulations to the new Syrian President.
Tunisian President Appoints New Finance Minister Amid Economic Crisis
Trump Suggests U.S. 'Takeover' of Gaza, Prompting Global Worries
Trump's Proposal for Gaza Provokes Global Debate
President Trump Suggests Moving Gaza's Palestinian Population
Aga Khan IV, Spiritual Leader and Philanthropist, Dies at 88
Erdogan and Syria's Sharaa Talk About Collaboration to Counter Kurdish Militants
Trump Suggests U.S. Control of Gaza Strip Amid Ongoing Conflict
Trump Resumes 'Maximum Pressure' Strategy to Limit Iran's Oil Exports.
Ex-British Soldier Sentenced for Espionage on Behalf of Iran and Fleeing from Prison
Gazans in Egypt Reject Displacement, Struggle with Return to War-Torn Home
Queen Rania Urges Protection of Children’s Rights at Vatican Summit
Hamas Officials Ready to Begin Negotiations for Phase Two of Gaza Truce
Trump Expresses Caution Over Gaza Ceasefire as Netanyahu Visits Washington
Oman to Host 18th Indian Ocean Conference on Maritime Security and Trade
Emir of Kuwait Meets BlackRock CEO for Talks on Investment Opportunities
Queen Rania of Jordan Calls for Global Action on Children’s Rights at Vatican Summit
Egyptian President El-Sisi Invited for White House Meeting Following Jordanian King’s Visit
Queen Rania Calls for Protection of Children’s Rights at Vatican Summit
Israeli Military Operations Continue on Lebanon Border Amid Ceasefire Tensions
Israeli Hostage's Release Highlights Uncertainty Over Family's Fate
Israeli Military Operations Escalate in Southern Lebanon Amid Hezbollah Tensions
Zayed Award for Human Fraternity Announces 2025 Honorees
Kuwait Anticipates a 12% Increase in Budget Deficit for the 2025-2026 Fiscal Year
×