Most celebrity stories around estate planning feature big mistakes made by those who had enough wealth to make it well worth leveraging every estate planning strategy possible. With the sudden and recent passing of basketball star Kobe Bryant, it’s led some people to wonder if he’ll become another feature in the hall of fame with estate planning mistakes.
It’s believed that he had around $600 million inside his estate at the time he passed, a substantial sum that could benefit his surviving family members as well as any charities he left money to. He was the second highest-paid NBA player due in large part to massive league contracts. He leaves behind a wife and three children. One of his children died in the same helicopter crash with him.
Proper estate planning could make it easier for his loved ones to pick up the pieces and determine what happens next. In many cases of other stars where estate planning wasn’t completed prior to their death, such as Prince, disputes and concerns over what to do can get tied up in the courts for months or years.
Ultimately, those conflicts end up eating a lot in legal fees, decreasing what family members and other qualified parties are able to receive at the end. And it can take so long for these issues to be resolved that it leaves the family without an immediate support system and the help they need to make things happen.
If you want to make sure that your family is protected even if you don’t currently have a large net worth, you’ll make things easier for them during a very challenging time. We can help you figure out what your plan might look like-set up a time to talk with us about your estate planning in Pasadena today. We know that it’s hard to figure out what you need on your own, but our lawyers can assist you.