In January 2020, the world was devastated to learn about the sudden and tragic death of NBA superstar Kobe Bryant due to a helicopter accident. The former shooting guard spent his career with the LA Lakers until his retirement in 2016. At the time of his death, Bryant’s incredible net worth was estimated at $600 million, thanks to his business dealings and his 20-year career in the NBA. As the second richest NBA player of all-time, behind Michael Jordan, Kobe’s estate plan is a subject of interest for individuals in his family and for those looking in from the outside (Forbes 2020).
The lack of an estate plan can cost family and friends of the deceased thousands of dollars in legal fees and court fees. In the NBA superstar’s case, court filings showed both the successes and failures of Kobe’s estate planning efforts. The biggest success we can draw from the court filings is Kobe’s decision to create a family trust, which will allow his wife and their daughters to draw from during Vanessa’s lifetime for their health, education, maintenance and support. Following Vanessa’s death, the remainder of the income will go to their daughters.
One lesson to be learned from Bryant’s estate plan is the alleged failure to update his estate plan after the birth of his youngest daughter, Capri Bryant. The particulars of the Trust wording are unclear, but based on court filings, the Co-Trustees sought court approval for Capri to be added as a beneficiary, and the court granted the request.
Estate planning is the creation of a unique plan for managing your wealth while you’re alive and distributing it after your death. Problems often arise when people don’t coordinate all of these methods of passing on their estate after their death. We want you to feel confident about the choices you make- let us be your guide on the path toward preserving your family’s legacy and future. Click here to contact us today!
Badenhausen, K. (2020, August 30). Kobe Bryant’s $600 Million Fortune: How He Won On-And Off-The Court. Retrieved September 24, 2020, from https://www.forbes.com/sites/kurtbadenhausen/2020/01/28/kobes-600-million-fortune-how-he-scored-onand-offthe-court/