“Paul Allen’s last will and testament, made public Thursday, does not offer specifics on the late billionaire's assets, but rather points to a trust established decades ago.”
Paul Allen’s last will and testament doesn’t give us many details on the late billionaire’s assets. Instead, it refers to a trust established years ago.
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.
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.
Reference: The Seattle Times (November 8, 2018) “Paul Allen’s will sheds little light on what will happen to estate”