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Steve McNair, worth $19.6 million, died without a will

MotionMan

MotionMan

Lifer
http://sports.espn.go.com/nfl/news/story?id=5688303

NASHVILLE, Tenn. -- The widow of Steve McNair has won a request to get $2.5 million from the late NFL quarterback's estate.

Mechelle McNair had asked a Nashville judge to unfreeze a portion of the estate so that she and Steve McNair's four sons could each have $500,000 until the probate case gets sorted out.

She and Steve McNair had two sons together. The other two are from previous relationships.

The estate of the former pro, who played 11 seasons with the Tennessee Titans and two with the Baltimore Ravens, was initially valued at $19.6 million. The bulk of his assets have been frozen since his death.

Steve McNair was 36 when he was killed by his mistress in July 2009. The woman shot him four times before turning the gun on herself.

He died without a will.
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Wow. His agent or business manager sucks!!

Do you have a will? Of course, I do.

MotionMan
 
Nope. Somehow I doubt anyone would be clamoring over my student debt.

I'll get around to it when I actually become worth something 😛
 
My wife has a living will/trust. I haven't bothered with it yet, but have her as my beneficiary on all my retirement accounts. We are planning on going in soon to update everything.
 
no will because i don't have kids or a significant other, although i do have my father, mother and youngest brother as recipients of my life insurance policy in case I die.
 
I have a living will and dying will. I just wanted to make sure that my kids are looked after. The only problem now is that my wife knows how much insurance is on my life and I have to sleep with one eye open.
 
D1gger said:
I have a living will and dying will. I just wanted to make sure that my kids are looked after. The only problem now is that my wife knows how much insurance is on my life and I have to sleep with one eye open.
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Hahah. The image of that made me laugh.
 
I do, I want to be sure the woman I have been with gets all my stuff to do what she wants, if she was not around it would go to family and lastly to a charity....I'll be goddamned if I let the state get their hands on any of my shit...they don't deserve it.
 
Sureshot324 said:
Does it really go to the wife by default? If that were true then this lawsuit shouldn't even exist, unless it varies state by state.
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If you read, then there are 2 sons by the wife, and 2 sons from someone else.
Presumably it's about who gets what of the money since it's not all going to go to his wife (since that would be unfair on the two sons who aren't hers).

Also it says probate case, not lawsuit. No one is suing, they are just trying to work out who should get what since it's not a clear cut situation (due to multiple mothers and no will).
 
If you die intestate (like McNair did), your estate enters probate and is divided based on state law. The wife would get an intestate share. In almost every state IIRC, the wife also has teh choice of (and takes) an elective share, which varies from state to state, but is usually about 1/3rd, at a minimum. McNair died in TN, right? I think theirs is 40%.

The worst thing about dying intestate is not doing any estate planning to avoid estate taxes, which will hit McNair's estate hard. Nice little windfall for the state govt.

The other big issue is with beneficiary designations on insurance policies, etc.
 
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I have a will only because it was free through the Army before going to Afghanistan. I basically said I leave everything to my dad, then to my oldest sister, which is kind of pointless because that's where it would go anyway. I believe the lawyer told me that all that is really needed to have a valid, enforceable will, is for it to be simply signed by you. You could be dying on a mountaintop in the snow, and with your last ounce of strength you manage to scribble a will onto a tattered map with a crayon, that will would be enforceable. Of course, IANAL, so I think that barring circumstances of extreme duress, you should get your will witnessed and notarized and all of that. You don't need to get some high priced lawyer to write you a will, especially if you don't have much to get rid of when you die.
 
If your children are minors (and not in Chile, LOL), your will is the way to choose who raises your children. Also, you can put your assets in trust for your children until they become of age.

Having children but not a will is incredibly selfish, IMO.

MotionMan
 
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