First Anniversary of McNair Estate

It has been a little more than a year since NFL quarterback and Mississippi native Steve McNair was murdered.  After an initial flurry of activity in the estate, the Estate has since been relatively quiet. 

Although his estate was valued at approximately $19 Million, McNair died without even a basic will.  Initially it looked as though the estate would be tied up in litigation, with the wife/executrix naming children of her marriage, but not his other children, as estate heirs.  However, not much controversy has arisen from this in the court file so far.  

McNair’s Nashville restaurant was closed shortly after his death, and his Nashville home has been taken off the market.  Basically, in the last year, not much has happened, and this estate remains open.  Such delays are not uncommon in probate estates, even in those worth far less than $19 million.  That is why an estate plan is so important.  Even a basic Will will remove much controversy and uncertainty surrounding an estate distribution.  In more complex estates, such as McNair's, tax and legacy planning should also be included in the planning documents.  Most of our clients choose to go further and handle their estates through a revocable living trust.  Such a trust removes the probate court from the estate settlement process and almost certainly results in a much faster and less expensive resolution of estate affairs.  Additionally, a trust provides privacy for the decedent and their family, so nosy neighbors, or family members, or even bloggers like me, cannot observe and write about disputes in their estate.