By: John Farrell
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Estate Planning Lessons from the Passing of Jose Fernandez
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It’s an unfortunate part of life that some people pass too soon. From all accounts, Jose Fernandez was one of those people. He was a rising star in Major League Baseball who had to overcome many obstacles to achieve his dream. Many of us have already heard about the tragic events which took his life.
What many of us haven’t heard, however, is that he had already laid the ground work for the minuscule chance he would leave this world too soon. As part of the representation he received from his sports agent, they would conduct an annual review of the things he needed to take care of in life. One of those things was having an estate plan.
Mr. Fernandez designed an estate plan which would carry out his wishes and desires following an untimely death. It is unclear whether he had updated his estate plan in contemplation of his unborn child who was conceived following the most recent annual review. However, his passing has driven home the point that there are at least two instances when you should have your estate plan reviewed by a trusted estate planning attorney.
First, you should have a regular review of your estate plan. Depending on your circumstances, you may want to have this review at least annually. Second, you should review your estate plan following a change in your life. Perhaps when you are expecting a child or a grandchild to enter the family. Perhaps when your children get married or in the event of your pending divorce. If you are experiencing a change in your life circumstances, you should have your estate plan reviewed or updated.
Note: If you want to brush up on the basics of Georgia estate planning (Wills, Probate, Power of Attorney, Revocable Trusts, Irrevocable Trusts and Advanced Healthcare Directives) take a look at these free ebooks.
While it was highly unlikely Mr. Fernandez would pass away in the dawn of his life, he took the steps necessary to have an estate plan in place and continues to teach us today. We’ve written other blogs about movies with unbelievable scenes about estate planning and celebrities with amazing estate planning mistakes that you may find interesting. If you would like to discuss these issues and have your estate plan reviewed or updated, feel free to contact us at (678) 809-4922.