Business

Estate Planning Essentials: Understanding the Ramifications of Not Creating a Will

Published

1 year ago

January 11, 2024

The realities of death aren’t something most people are accustomed to frequently discussing, but certain things like estate planning and creating a will are crucial for everyone to consider. Death is inevitable for all of us, and the ramifications of failing to plan ahead often prove significant.

“While we may not like to think about death, it’s crucial to plan for it,” says Attorney John Wood of Grant Park Legal Advisors. “Those who think they don’t need a will may want to consider the consequences of going without one.”

What is a will?

There is a common misconception that wills are only meant for those who are incredibly wealthy or possess a significant amount of assets that will have to be divided among their relatives. According to Wood, however, everyone can benefit from a will.

“A will is simply a legal document that outlines your wishes regarding the distribution of your assets after your death,” Wood explains. “If you pass away without one, your assets may not go to the people you intended. Instead, the laws of intestacy come into play to determine who your assets are left to.”

The laws of intestacy

The laws of intestacy vary from state to state, but in general, they will prioritize immediate family members, such as spouses and children. Problems arise when a person may have specific ideas or desires on who should receive their assets but fail to have the legal documentation to make their wishes known.

“Each person has unique situations, and wills account for these circumstances,” Wood says. “Perhaps they’re not particularly close to their children, or have no children, and wish for their assets to go to nieces and nephews, or they have no family at all and want what they leave behind to go to a favorite charity. Whatever the case, these circumstances should be outlined legally so a person’s last wishes can be fulfilled.”

Putting the future of minor children in jeopardy

No one likes to think about dying and leaving behind young children, but it happens. “If you have children who are still minors, creating a will is especially crucial,” Wood notes. “A will can specify who will be appointed guardian of your children should something happen to you.”

If a person of one’s choice is not appointed, the decision will ultimately go to a court, and their criteria for who will make an appropriate guardian could differ wildly from one’s own. “This can lead to a lengthy and costly legal battle that can further traumatize your children,” Wood explains.

Unnecessary taxes and fees

Additionally, when someone dies without a will, their estate may be subject to unnecessary taxes and fees. Their estate will go to probate, where courts will appoint an executor to distribute their assets.

“In Illinois and many other states, when there is no will, the court will require a bond to ensure the executor follows the law and distributes the assets correctly,” Wood explains. “This bond is an insurance policy essentially to insure the estate and heirs against malfeasance by the executor or administrator.”

One potentially substantial fee that can be avoided is the probate bond. In many instances when the will waives the bond, the estate will save more than the cost of drafting the will.

“This means some of your loved ones may be on the hook for these fees and taxes incurred,” Wood says. “The executor’s fees alone can be substantial and eat into any money any beneficiaries would possibly receive, and if your estate is subject to estate taxes, your beneficiaries may have to pay a significant amount of money to the government.”

Your business may be affected

If one owns a business, dying without a will can have especially dire consequences. “Your business could be forced to go through probate, which often leads to lengthy legal battles and financial losses,” Wood observes.

The unnecessary taxes and fees Wood previously discussed can also hit one’s business. As such, all business owners should also have a clear succession plan within their wills to ensure that either passing on or closing their business goes smoothly after their death.

You could leave loved ones without financial support

If someone is the sole breadwinner in their family, dying without a will could leave them completely without financial support. “While an estate is in probate, the deceased’s family may suffer immediate financial instability,” says Wood. “Creating an estate plan with a life insurance policy can ensure that your loved ones are financially supported even after your death.”

Death is a traumatic event for families and loved ones, but according to recent studies, roughly two-thirds of Americans either don’t have an up-to-date will or have no will at all. However, those same studies also show that higher inflation is causing more Americans to consider estate planning. Younger Americans are also 10% more likely to have a will or estate plan than in 2020, largely due to the influence of the COVID-19 pandemic.

Whatever the impetus may be, it seems that more people are realizing the importance of having a will and planning for what will happen once they pass away. As they continue to learn about the value of estate planning, attorneys like John Wood will be there to guide them through creating wills and making sound plans for the future.

Business

High Volume, High Value: The Business Logic Behind Black Banx’s Growth

Published

2 weeks ago

June 16, 2025

Matthew Wiles

In fintech, success no longer hinges on legacy prestige or brick-and-mortar branches—it’s about speed, scale, and precision. Black Banx, under the leadership of founder and CEO Michael Gastauer, has exemplified this model, turning its high-volume approach into high-value results.

The company’s Q1 2025 performance tells the story: $1.6 billion in pre-tax profit, $4.3 billion in revenue, and 9 million new customers added, bringing its total customer base to 78 million across 180+ countries.

But behind the numbers lies a carefully calibrated business model built for exponential growth. Here’s how Black Banx’s strategy of scale is redefining what profitable banking looks like in the digital age.

Scaling at Speed: Why Volume Matters

Unlike traditional banks, which often focus on deepening relationships with a limited set of customers, Black Banx thrives on breadth and transactional frequency. Its digital infrastructure supports onboarding millions of users instantly, with zero physical presence required. Customers can open accounts within minutes and transact across 28 fiat currencies and 2 cryptocurrencies (Bitcoin and Ethereum) from anywhere in the world.

Each customer interaction—whether it’s a cross-border transfer, crypto exchange, or FX transaction—feeds directly into Black Banx’s revenue engine. At scale, these micro-interactions yield macro results.

Real-Time, Global Payments at the Core

One of Black Banx’s most powerful value propositions is real-time cross-border payments. By enabling instant fund transfers across currencies and countries, the platform removes the frictions associated with SWIFT-based systems and legacy banking networks.

This service, used by individuals and businesses alike, generates:

Volume-based revenue from transaction fees
Exchange spreads on currency conversion
Premium service income from business clients managing international payroll or vendor payments

With operations in underserved regions like Africa, South Asia, and Latin America, Black Banx is not only increasing volume—it’s tapping into fast-growing financial ecosystems overlooked by legacy banks.

The Flywheel Effect of Crypto Integration

Crypto capabilities have added another dimension to the company’s high-volume model. As of Q1 2025, 20% of all Black Banx transactions involved cryptocurrency, including:

Crypto-to-fiat and fiat-to-crypto exchanges
Crypto deposits and withdrawals
Payments using Bitcoin or Ethereum

The crypto integration attracts both retail users and blockchain-native businesses, enabling them to:

Access traditional banking rails
Convert assets seamlessly
Operate with lower transaction fees than those found in standard financial systems

By being one of the few regulated platforms offering full banking and crypto support, Black Banx is monetizing the convergence of two financial worlds.

Optimized for Operational Efficiency

High volume is only profitable when costs are contained—and Black Banx has engineered its operations to be lean from day one. With a cost-to-income ratio of just 63% in Q1 2025, it operates significantly more efficiently than most global banks.

Key enablers of this cost efficiency include:

AI-driven compliance and customer support
Cloud-native architecture
Automated onboarding and KYC processes
Digital-only servicing without expensive physical infrastructure

The outcome is a platform that not only scales, but does so without sacrificing margin—each new customer contributes to profit rather than diluting it.

Business Clients: The Value Multiplier

While Black Banx’s massive customer base is largely consumer-driven, its business clients are high-value accelerators. From SMEs and startups to crypto firms and global freelancers, businesses use Black Banx for:

International transactions
Multi-currency payroll
Crypto-fiat settlements
Supplier payments and invoicing

These clients tend to:

Transact more frequently
Use a broader range of services
Generate significantly higher revenue per user

Moreover, Black Banx’s API integrations and tailored enterprise solutions lock in these clients for the long term, reinforcing predictable and scalable growth.

Monetizing the Ecosystem, Not Just the Account

The genius of Black Banx’s model is that it monetizes not just accounts, but entire customer journeys. A user might:

Onboard in minutes
Deposit funds from a crypto wallet
Exchange currencies
Pay an overseas vendor
Withdraw to a local bank account

Each of these actions touches a different monetization lever—FX spread, transaction fee, crypto conversion, or premium service charge. With 78 million customers doing variations of this at global scale, the cumulative financial impact becomes immense.

Strategic Expansion, Not Blind Growth

Unlike many fintechs that chase customer acquisition without a clear monetization path, Black Banx aligns its growth with strategic market opportunities. Its expansion into underbanked and high-demand markets ensures that:

Customer acquisition costs stay low
Services meet genuine needs (e.g., cross-border income, crypto access)
Revenue per user grows over time

It’s not just about acquiring more customers—it’s about acquiring the right customers, in the right markets, with the right needs.

The Future Belongs to Scalable Banking

Black Banx’s ability to transform high-volume engagement into high-value profitability is more than just a fintech success—it’s a signal of what the future of banking looks like. In a world where agility, efficiency, and inclusion define competitive advantage, Black Banx has created a blueprint for digital banking dominance.

With $1.6 billion in quarterly profit, nearly 80 million users, and services that span the globe and the blockchain, the company is no longer just scaling—it’s compounding. Each new user, each transaction, and each feature builds upon the last.

This is not the story of a bank growing.

This is the story of a bank accelerating.