In January, we reported how the deaths of NBA legend Kobe Bryant (Kobe) and his 13-year-old daughter, Gianna, in a helicopter crash demonstrated the vital need for estate planning for people of all ages. At the time, little was known about the planning strategies Kobe had in place to protect and preserve his estimated $600 million estate for his wife, Vanessa, and their three surviving daughters: Natalia, 17, Bianka, 3, and Capri, 7 months.
Court documents filed by Vanessa Bryant have since shed light on both the successes and oversights in Kobe’s estate planning. While Kobe created an extensive estate plan, including the Kobe Bryant Trust, there were crucial gaps—most notably the omission of his youngest daughter, Capri, who was born just six months before his death.
These events offer valuable lessons for anyone in Michigan considering or revising their estate plan.
Estate Planning Mistakes Even Millionaires Make
While the contents of trust remain private, the court documents do provide a summary of the trust’s terms. Upon Kobe’s death, the trust was set up to allow Vanessa and her daughters to draw from the principal and income of the trust’s assets during Vanessa’s lifetime, with the remainder going to their children upon Vanessa’s death.
However, while the trust lists Vanessa and Kobe’s oldest daughters Natalia, Gianna (who died in the crash with her father), and Bianka as beneficiaries, his youngest daughter, Capri, who was born just six months before Kobe’s death, was not included in the document. Reportedly, Kobe and his lawyers simply never got around to adding Capri to the trust before his untimely death at age 41.
What Happens Next?
Seeking to fix this oversight, Vanessa Bryant and Kobe’s best friend Robert Pelinka, Jr.—who were named Co-Trustees—petitioned the Los Angeles probate court to modify the trust by adding Capri as a beneficiary with equal rights as her sisters. Unless the court agrees with the petition, Capri will be ineligible to inherit her share of the family estate held in the trust, which could amount to wealth and assets worth hundreds of millions of dollars.
According to the petition, the trust was established in 2003, following the birth of the couple’s first child, Natalia, and its purpose was to provide for the support of Vanessa and all the couple’s children in the event of Kobe’s death. As evidence of this intent, the petition points out the fact that Kobe amended the trust to add daughters Gianna and Bianka after they were born.
Although it’s likely the court will agree to the trust’s modification to include Capri, the fact remains that Kobe and his legal team made a major error by not updating his plan immediately following her birth. This mistake has undoubtedly cost Vanessa not only hefty sums of money in lawyer fees and court costs, but it also eliminated the trust’s biggest benefits by failing to keep Kobe’s surviving family members out of court and conflict, as well as exposing the estate’s details to the public.
The most unfortunate aspect of the entire situation is how easily this oversight could have been avoided.
Life Events That Require Immediate Updates
Estate planning should evolve alongside your life. Certain events in Michigan—or anywhere—can require immediate updates to your will or trust:
Births, Deaths, Divorce, and Inheritances
Major life events, such as the birth of a child, the death of a family member, a divorce, or receiving an inheritance, can significantly impact your estate plan. Updating your plan ensures all loved ones are included and that your wishes are honored.
Major Financial Changes
Acquiring property, investments, or other significant assets may require adjustments to your estate plan. Regular updates help allocate your wealth appropriately and avoid unintended consequences.
Creating and Maintaining an Asset Inventory
A key part of a successful estate plan is knowing exactly what assets you own and ensuring they’re accounted for in your plan.
Real Estate, Investments, and Personal Property
Document all tangible and intangible assets, including homes, vehicles, investments, and valuable personal property.
Digital Assets and Cryptocurrency
Don’t overlook digital property like cryptocurrency, photos, videos, social media accounts, and online financial accounts. Regularly updating this inventory ensures your family knows what you have and how to access it.
How Legacy Counsel Can Help in Michigan
At Legacy Counsel PLC, we help families in Saint Joseph, Berrien County, and Southwest Michigan create and maintain estate plans that evolve with their lives.
Life & Legacy Planning Sessions
Our Life & Legacy Planning Sessions help you get financially organized, identify gaps, and update your estate plan with confidence.
Regular Reviews to Keep Your Plan Current
We offer built-in review systems to keep your will, trust, and asset inventory current. This ensures your estate plan works as intended, minimizing conflict and protecting your loved ones.
Tips to Avoid Estate Planning Mistakes
Estate planning is an ongoing process, and even minor oversights can have significant consequences for your loved ones. The following tips can help ensure that your will, trust, and overall estate plan remain effective, up-to-date, and aligned with your wishes.
1. Review Your Plan Annually or After Major Life Events
Estate planning isn’t a one-time task—it should evolve with your life. Reviewing your plan annually or after significant events, such as marriage, divorce, the birth of a child, or a substantial financial change, ensures that your estate plan accurately reflects your current circumstances and goals. Regular reviews help prevent unintended gaps or conflicts in your plan.
2. Update Your Will and Trust Promptly
After key life events, it’s essential to update your will and trust promptly. Failing to do so can unintentionally exclude loved ones or lead to legal disputes that may result in costly litigation. Timely updates ensure your wishes are respected and your family is protected.
3. Maintain a Comprehensive Asset Inventory
Maintaining a detailed inventory of all your assets, including real estate, investments, personal property, and digital assets such as cryptocurrency, social media accounts, and online financial accounts, is crucial. A regularly updated inventory makes it easier for your family or executor to locate and manage your assets, reducing stress and confusion.
4. Work with an Experienced Michigan Estate Planning Attorney
Navigating the complexities of Michigan estate law can be a challenging task. Working with an experienced attorney ensures your estate plan complies with current laws, minimizes tax liability, and avoids common legal pitfalls. Professional guidance provides peace of mind, knowing your plan is effective and your loved ones are protected.
Take Action to Protect Your Family Today
Kobe Bryant’s estate demonstrates that even the wealthiest individuals can face estate planning challenges without regular updates. Don’t wait until it’s too late. Contact Legacy Counsel PLC in Saint Joseph, Michigan to review or create your estate plan today.
Call 269-932-4017 or schedule your Life & Legacy Planning Session online. Mention this article to receive your $750 session at no charge.
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