The estate-planning industry has had August designated as Make-a-Will month, a time to remind people how important it is to take stock of their belongings and determine what they want to happen to those belongings after they die. We've all heard stories of families bickering over the estates of deceased millionaires. But the wealthy aren't the only ones who need to have a will.
Many people are familiar with the case of tech entrepreneur Tony Hsieh, who founded the online shoe company Zappos as well as the Las Vegas development company Downtown Project. Hsieh, whose estate is estimated to be worth hundreds of millions of dollars, died accidentally in 2020. Until recently, it was thought that he had no will. His family was leading the battle to manage his estate.
Then, earlier this year, Hsieh’s supposed will turned up in the affairs of a deceased financial adviser, throwing the probate case into turmoil.
"The family's legal team had said repeatedly that there was no will. Then all of a sudden, there is, and it was not filed by the family," Eli Seagall, the Las Vegas Review-Journal business reporter who has closely followed the case, told KNPR. "This was filed by other attorneys who were not involved in the case, at least not representing the family. And once you read the will, it only got weirder, because it was written in a very bizarre way."
Seagall added that the will's appearance — and its addition of several previously unknown parties to the mix — had further complicated what was already a hefty probate case. Upcoming hearings are expected to begin unravelling the mystery of who had the purported will ... and why.
It's a striking example of the need for a clear, official will. But even people without Tony Hsieh's wealth should have a will, said Lidia Rincon, the senior attorney in Nevada Legal Services' Senior Law Project.
"I generally tell my clients that, even though you don't have millions, you still own things on this planet, and the last thing you want to do is leave your earthly possessions in your name after you've passed," Rincon said. "It's not really that you need a will, per se, like a last will and testament. You have to have some kind of estate plan. And an estate plan could be a will, [but also] it could be a trust. It could be adding beneficiaries to your bank accounts. It could be adding beneficiaries to the title your house, your cars."
If someone isn't sure where to start, Rincon suggests this first step: Make a list of everything you own and think about what you would want to happen to it after you're gone. Then, someone could visit a nonprofit legal clinic such as hers, or consult with an estate planner, who oftentimes will charge a flat fee.
As for the determination of whether a will — like the one recently introduced in the Hsieh probate — is authentic, Rincon pointed to Nevada Revised Statutes chapter 133 for answers.
"One section discusses who can make a will," she said. "It's generally a person over 18 of sound mind ... And the statute also discusses a formal will and a holographic will." The latter will is one that's handwritten, includes instructions about the disposal of possessions, and is dated and signed by the testator. A formal will is typewritten; its signing must be witnessed and notarized. "As long as those provisions are met, Nevada law should recognize the will."
Of course, a will's authenticity can always be challenged. That's where probate comes in. But for anyone who wants to avoid that, having a clear will made according to the law, is a bit of insurance.
Guests: Lidia G. Rincon, Senior Attorney - Senior Law Project, Nevada Legal Services; Eli Segall, business reporter, Las Vegas Review-Journal
