Winter has ended, and we are nearing the close of the first quarter of 2019…already If you’re like me you are looking forward to seeing spring unfold as leaves begin to return, flowers begin to grow and the grass starts turning green. You may also be heavily into watching the madness of the NCAA’s college basketball tournament. If not, you’re at least acquainted with someone who’s fully engaged.
Since the impact of estate planning (wills, trusts, etc.) and probate law is always on my mind, basketball’s March Madness has reminded me of what will be the next stage of many of those players – professional basketball in the NBA or oversees – which means some will become wealthy between now and the end of spring. It also reminded me of how infrequent and unusual it is for professional athletes, along with other entertainment professionals (actors, musicians, etc.) to create wills, trusts or other estate planning tools that will limit the amount of disaster and exposure that will occur if they die untimely or become incapacitated.