The Seattle Times reports, in its article “Paul Allen’s will sheds little light on what will happen to estate,” that Allen’s six-page will was filed with King County on October 24—the same day his sister Jody announced she was named the executor and trustee of his estate.
Allen died on October 15 at age 65, from complications of non-Hodgkin lymphoma.
He was a Microsoft co-founder, who operated a long list of business and philanthropic initiatives that helped shape the Puget Sound region. His business concerns included owning the Seattle Seahawks, donating significantly to the arts community and scientific research, and running the multifaceted Vulcan Inc., which reshaped the real-estate landscape of South Lake Union.
Allen’s will places his assets into a 25-year-old living trust, where their disposition is not expected to be made public. It is important to remember that wills are public records, but trusts are not and can be disposed of without court supervison.
Forbes estimated his wealth at roughly $20 billion.
The will also sets out a list of successors, if Jody Allen declines or is unable to serve as executor.
Jody can appoint someone, or it would next fall to Nancy Peretsman, the managing director of investment firm Allen & Co., which is not connected to Allen. After him, the duty would fall to lawyers Allen Israel and Nicholas Saggese.
Jody Allen said in October that she “will do all that I can to ensure that Paul’s vision is realized, not just for years, but for generations.”
Numerous tributes for Allen have been held in the past month. One was an attempt to light much of the Seattle skyline blue.
One of the main goals of our law practice is to help families like yours plan for the safe, successful transfer of wealth to the next generation. Call our office today to schedule a time for us to sit down and talk about your estate plan, where we can identify the best strategies for you and your family to ensure your legacy of love and financial security. Our office is located in Santa Ana, CA but we serve all of California including Irvine, Orange, Tustin, Newport Beach, and Anaheim.
Reference: The Seattle Times (November 8, 2018) “Paul Allen’s will sheds little light on what will happen to estate”