Whether you have $200,000 or $20 billion to give away, an estate plan can assist you in a number of ways, including a) preventing probate and the state’s involvement in the distribution of your estate, and b) protecting your privacy and the privacy of your beneficiaries.
Last month, Paul Allen, the co-founder of Microsoft died. He owned and operated a number of businesses and philanthropic enterprises, including the Seattle Seahawks and Vulcan Inc. His net worth is estimated at $20 billion.
Because of Allen’s pour over will (designating his trust as the beneficiary of his entire estate upon his death) and trust, the distribution of Allen’s estate is unknown to the public. This allows his sister, Jody Allen, the trustee of Paul Allen’s estate to administer his estate without court oversight and according to the private terms and conditions of the trust.
You can accomplish the same thing as Allen with a basic will and trust package.
See Rachel Lerman, Paul Allen’s Will Sheds Little Light on What Will Happen to Estate, Seattle Times, November 8, 2018.