Pro athletes make a lot more than the average American when it comes to annual salary. That being said, they also have additional valuables and assets that are typically not considered in a normal estate. For example, a pro basketball player may have a favorite pair of practice sneakers. For the average American these are garbage, but for a pro athlete these can be valuable items later down the road.
Everyone Wants a Piece of the Action
It is imperative that pro athletes have ample estate planning in place. Since everyone, including fans, will want rights to an athlete’s estate, they need to ensure their assets and loved ones are protected.
There are over 70,000 lawsuits filed in the United States each week and over half are frivolous in the eyes of the court. Regardless if they hold merit, they are costly to defend. Family and loved ones of pro athletes who have to fight off frivolous lawsuits can quickly find themselves in financial distress without ample estate planning. Therefore pro athletes should have protocols and funds set aside for these types of situations.
No matter how much a pro athlete makes or whether or not they are actively playing, pro athletes needs to have estate plans in place. As high profile, high liability individuals, inadequate estate planning could put their entire estate in jeopardy.