Future of billionaire Paul Allen’s estate uncertain
Published 15 Nov 2018
In NSW, if a person leaves his or her estate to a charity or organisation, a relative or dependent could decide to contest the Will after that person’s death.
Paul Allen, co-founder of Microsoft Corporation, died in October 2018, leaving the future of his estate unknown. A well-known philanthropist, Allen’s extremely large estate may take a long time to sort through, the Sydney Morning Herald says.
What follows is a look at his estate’s estimated worth and what could happen with his wealth and legacy.
Background on Paul Allen’s estate and Will
Allen had no spouse or children to leave his estate to when he died in October at age 65. He passed away from issues related to non-Hodgkin lymphoma. It’s been estimated that his assets are about $20 billion USD.
Jody Allen, his sister, was named executor of his estate in his Will, which was signed by Allen earlier this year. Though, Jody Allen could still decline that role with such a large estate to manage. Apparently, the Will states that Allen’s assets will be put into a 25-year-old living trust, the Seattle Times says.
Because Allen had been involved with a variety of charities and philanthropic endeavours, it’s likely that a large portion of his estate will be donated to charitable causes at some point. He had joined the Giving Pledge several years ago, which is a campaign through which wealthy individuals can pledge to contribute their wealth to charity. The list of those who have made the pledge currently includes fewer than 200 people.
The Sydney Morning Herald says that large estate taxes will apply to much of what remains of the estate.
Will loved ones contest the Will?
Even though Allen had no spouse or children, there are family members that could contest the Will. Also, since he was so involved with different charitable organisations, people who operate those nonprofits and foundations may also try to have their day in court.
In NSW, Gerard Malouf & Partners Compensation, Medical Negligence & Will Dispute Lawyers help our clients assess their eligibility to contest a Will. We can assist you through the entire process and ensure that you receive the compensation you deserve.
If you believe you have been treated unfairly in the Will of a loved one or relative, get in touch with our experienced teamtoday for a free consultation.