I confess to never having heard of Latin music and Mexican TV personality Jenni Rivera prior to her death in a plane crash in December. I similarly confess to never having heard of her estranged 3rd husband, Esteban Loaiza, who plays for the Detroit Tigers. So why am I blogging about them?
Rivera and Loaiza separated two months prior to her death. After separating, River left a detailed letter to her sister asking her to take care of her children and business enterprise valued at $25 million in the event of her death. It is unknown if she had other estate planning documents or a pre-nuptial agreement.
What lessons can be learned from her estate?
1. When marrying for a 3rd time, one should definitely have a pre-nuptial agreement. If Dennis Hopper can do this, others should, too.
2. When leaving on a trip, consult an estate planning attorney about preparing a will/revised a will. A handwritten note is generally not effective.
3. When separated from a spouse, revise the estate plan immediately and implement a trust to preserve the assets for the children.
4. $25 million net worth? Apparently there is money to be made on Mexican TV and Latin radio for tumultuous personalities.