During my teens and twenties, there were two legendary college basketball coaches, Dean Smith of the University of North Carolina and Bobby Knight of Indiana University. Dean Smith died earlier this year and it was recently learned that he left his former players a gift – $200 to each of them to be used for a dinner on him.
More than that, I would contend, it was a last lesson that Coach Smith imparted to his players in that many of them will contemplate on how to be a good man, husband, father, friend, and leader. I have seen interviews from his players who indicate that he imparted to them a lot more than just great basketball coaching. He taught them about life.
I have prepared thousands of trusts and wills. As the scrivener, I love it when I see my clients singling out individuals that have made a positive impression on them. It is not the size of the gift, it is the fact that the individual is being remembered. It is the thought that counts. Coach Smith reminded me of this.
It is something that we should all keep in mind when doing our living trust and wills. Think in our lives. Are there people that we can acknowledge for what they mean to us? If so, a bequest in a will or a living trust is certainly one way to let them know what they meant to you.