By Jeremy A. Wechsler, Esq.
Investment Advisor Representative
[email protected]
I have always been fascinated by unusual estate planning cases and disputes—you can’t make some of these stories up. It is human nature to assume wealthy families have estate planning all figured out. Time and time again, though, they prove us wrong. The case of Tony Hsieh has fascinated me from the beginning, and with recent updates to the story, there are some lessons to be learned. Although we usually talk about the stock markets and related affairs, this week we’re taking a brief detour into the estate planning world.
Tony Hsieh, the visionary entrepreneur who built Zappos shoes into one of the most customer-focused companies in America, passed away unexpectedly in 2020 at just 46 years old. I remember shopping on Zappos years ago—the shipping was incredibly fast, and returns were almost effortless. After Hsieh passed away, his estate was believed to have no will, so it began moving through the “intestate” probate process under Nevada law. Then, years later, a mysterious will suddenly surfaced—raising questions about its authenticity, its witnesses, and even where it had been stored. The result has been years of litigation, uncertainty, and significant legal expense surrounding an estate reportedly worth hundreds of millions of dollars.
While almost none of us will leave behind a $500 million estate, the lessons from Hsieh’s estate are nonetheless relevant.
First, having an estate plan is only part of the equation—it needs to be complete, updated, and easy to locate. A will or trust doesn’t help your loved ones if no one knows it exists or questions arise about whether it’s valid. I continue to believe that keeping your family in the loop and communicating with them about your estate planning intentions is incredibly important to eliminating disputes.
Second, choose your fiduciaries carefully. Executors, trustees, and agents will be responsible for carrying out your wishes during what is often an emotional time. Naming the right people—and appropriate backups—can make an enormous difference.
Third, if you have specific wishes, put them in legally enforceable documents. Verbal promises, handwritten notes, emails, or text messages can create confusion and even lead to costly disputes among family members.
Finally, remember that estate planning isn’t just about who receives your assets. It’s about creating clarity. A well-designed estate plan helps reduce stress, minimize conflict, and gives your family confidence that they’re carrying out your wishes—not trying to guess what you would have wanted. Remember, if someone has to guess or ask questions, that increases the odds that this will be before a court of law.
At Franklin Retirement Solutions, we often remind clients that estate planning isn’t just for the ultra-wealthy. Every family benefits from having a thoughtful plan in place. Our goal is to make sure your estate plan is coordinated with your overall retirement and financial strategy so your loved ones have clarity—not confusion—when it matters most. If you have questions about your current plan or wonder whether it’s time for an update, I’m always happy to help. Until next time, stay cool and enjoy the scorching July heat!