This guest post is from Jade Gravley, Regent Law 3L and current Wills, Trusts & Estates student:
2020 has certainly been a difficult year for
everyone, but it has perhaps been harder on no other family than the Bryants. This past January, the world was stunned by the
news that NBA legend, Kobe Bryant, had died in a helicopter crash alongside his
young daughter, 13-year old Gianna. Bryant left behind his wife, Vanessa, and
three other daughters: 17-year old Natalia, 3-year old Bianka, and
6-month old Capri. He also left behind an estate of over 500 million dollars. Unfortunately, his estate plan had not been
updated since the recent birth of his youngest daughter, Capri.
The Kobe
Bryant Trust was created in 2003 and had been amended several times in order to
account for Bryant’s growing family and diversifying business interests.
However, at the time of his death, the trust had last been amended in 2017,
after the birth of his daughter Bianka. Consequently, without an amendment, the trust only
provided for his wife and three eldest children. On March 18, 2020, the Co-Trustees of the Kobe Bryant Trust
petitioned the Superior Court of California to modify the trust to include Capri as a beneficiary, with equal rights as her
remaining sisters.
The tragic, untimely death of Kobe Bryant is a reminder of how fragile and unexpected life can be. It is also a reminder of how important it is to update your estate plan right after a big life event, such as the birth of a new baby, or, to include a clause in your will or trust that provides for children you may have in the future.
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