Estate Planning: Lessons Learned From Mookie Blaylock
Mookie Blaylock was listed in critical condition and on life support after being involved in an accident with fatalities in Jonesboro, Georgia in May of 2013. Blaylock is best known as a professional basketball player and was a NBA all star in 1994 and led the league in steals twice. There are many estate planning lessons that can be learned from Mookie Blaylock.
One of the most important lessons that Blaylock's accident teaches is the need to have advance health directives and a durable power of attorney in place. Blaylock was forty six years old at the time of his accident. While he was not young, he was also not in his elder years or at the age that most people would consider to start thinking about making an estate plan. Driving or being a passenger in a car is one of the most dangerous everyday activities that everyone participates in and unfortunately there is a relatively high percentage that a serious accident can occur. It is important to have a advance directive documents in place such as a healthcare power of attorney or living will to have end of life medical wishes in place and for a trusted person to make non end of life decisions without court intervention. If directives are not in writing it falls upon family members to make difficult decisions with possible court intervention. A durable power of attorney is also important for financial decisions and asset management in cases such as Blaylock. Although Mookie recovered from critical conditions, some are not so lucky and a durable poa can prevent extensive court intervention in taking care of an incapacitated person's assets.
Another important lesson from Blaylock is the need for asset protection in case of creditors and judgments. An extensive hospital stay or a wrongful death lawsuit and judgment or settlement can potential drain a person's estate and prevent assets being passed on to heirs. If Blaylock had not survived his accident his estate may have been potentially liable for the fatal accident he was involved in. This could have held up his assets for an extended period of time and may have not been able to be fully transferred to his children. An estate planning attorney can help protect assets from situations where one wrong decision can prevent a lifetime's worth of work and legacy from being passed on to future generations.
For full article please visit Mookie Blaylock: Estate Planning Reminders at http://estateplanning.ekglaw.com/
Evan Guthrie Law Firm is licensed to practice law throughout the state of South Carolina. The Evan Guthrie Law Firm practices in the areas of estate planning probate personal injury and divorce and family law. For further information visit his website at http://www.ekglaw.com . Evan Guthrie Law Firm 164 Market Street Suite 362 Charleston SC 29401 843-926-3813
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