Estate Planning Tips for Young Athletes
Learn how young athletes can safeguard their assets with smart estate planning, including wills, trusts, and healthcare directives.
Estate planning isn’t just for the rich or old—it’s a must for young athletes earning real money from NIL, endorsements, or pro contracts. The sooner you plan, the more you protect your wealth, support your family, and avoid headaches down the road. Here’s how to get started, why it matters, and what to do first.
Why Start Estate Planning Now?
- Protect your money and property if something happens unexpectedly.
- Make sure your wishes—not the court’s—decide who gets your assets.
- Avoid family fights and drawn-out legal battles.
- Appoint trusted people to handle your finances and healthcare if you can’t.
Real Example: After NBA player Lorenzen Wright passed away without a will, his family spent years in court arguing over his assets. Don’t leave things to chance—make your wishes clear early.
Source: ESPN – Lorenzen Wright Estate Battle
Estate Planning Basics for Young Athletes
- Create a Will: Spells out who inherits your stuff. Even a basic will beats nothing.
- Set Up a Trust: For those with bigger assets, a living trust helps skip probate, keeps things private, and can protect money for future needs.
- Power of Attorney: Pick someone you trust to manage your money and sign legal docs if you can’t.
- Healthcare Directives: Decide now who makes medical decisions if you’re hurt or ill.
Case Study: Ron worked with a 21-year-old athlete who’d landed several major NIL deals. They created a will, set up a revocable trust, and named both a healthcare proxy and a financial power of attorney. Now, no matter what happens, her assets and future are protected.
Quick Action Steps for Athletes
- Start Now: Estate planning is easier and cheaper than you think—do it while your career is taking off.
- Update Often: Review your plan after new deals, moves, or family changes.
- Use Pros: Get help from estate attorneys and advisors with athlete experience—DIY online forms often miss key protections.
Ron McCoy believes estate planning is a smart move for every athlete. His guidance makes the process straightforward, so you can focus on your game and your future—knowing your wealth is safe, your wishes are clear, and your loved ones are taken care of.
