According to the Wall Street Journal, Tony Hsieh, the co-founder of Zappos.com, passed away without a proper Estate Plan. The WSJ details how Mr. Hsieh, a real estate investor and a tech entrepreneur used a color-coded sticky note system to represent financial his financial commitments. His family discovered this system after his unexpected passing. Now, Mr. Hsieh’s family must navigate the loss of a loved one plus tracing his estate assets to make sure that it is all accounted for.

Making it worse, Mr. Hsieh’s private information will likely now be public due to him not having the proper documents, including business contracts and an estate plan, in place. And, his approximate $840 million estate will be passed according to the laws of intestacy (absent the discovery of any estate plan. documents), rather than based on Mr. Hsieh’s preferences.

Whenever a celebrity or high net worth individual dies without an estate plan, it’s highlighted because of the difficulties the grieving family faces given the large sums of money involved and the public scrutiny they may be subjected to. But, these same rules apply to everyone, regardless of the size of an estate.

Estate planning is not just for millionaires. Most comprehensive Estate Plans are affordable and just as (if not more) important to the general population than celebrities. By having an estate plan, you are not only protecting your family, but yourself.

A comprehensive estate plan includes:

• Medical and Financial Powers of Attorney to allow your chosen confidante(s) to care for your medical and financial decisions if you are unable to do so;

• Declaration of Guardian in Case of Later Need to allow you to request that certain people be qualified (or not) to serve as your guardian in case the powers of attorney are not sufficient;

• Declarations to name who you would prefer to be appointed as guardian and healthcare proxy of your minor children;

• Advanced Directive/Living Will to advise your family of your last wishes; and

• Last Will and Testament and/or Trust to ensure that your assets are divided in the manner that you choose.

“Planning for the future your family deserves” (tm) helps you to determine how your future is handled. Without the proper planning, your state’s law may make these determinations for you.

Estate planning for blended families requires special considerations.

We represent many blended families. A question that often arises is whether a parent can declare a step-parent or other non-parent as the guardian of a child over the child’s living biological parent.

We have always cautioned clients that this declaration likely would not stand in the face of a challenge by an otherwise fit surviving parent.

In June 2020, the Texas Supreme Court provided guidance on this issue in In re C.J.C. The decision makes it clear that a parent will have limited options to designate a guardian other than a child’s surviving parent, absent a showing that the surviving parent is unfit. And, to the extent that anyone other than the surviving biological parent seeks to obtain guardianship over the child, that person will face an uphill battle.

It is important that when you craft your estate plan you consult with an attorney who is versed in planning to meet the needs of your family.

For more information on In re C.J.C., please visit:

In re C.J.C. - Opinion and Pleadings

Supreme Court of Texas Protects the Constitutional Rights of Parents in Landmark Child Custody Case