Former University of North Carolina basketball coach Dean Smith, who died last month at 83, is treating his former players to dinner. The Hall of Famer left instructions for his estate to send $200 to each of his varsity lettermen so they could have a meal compliments of him.
As an influential coach, the late Dean Smith is considered to be one of the greatest in the history of college basketball. He undoubtedly changed the fundamental nature of the game. His teams used to play a slow, four corners offense that delayed the game as long as possible – which is why we now have the shot clock in play.
However, if you talk to Smith’s players and colleagues, they will say that his greatest influence was his coaching and the life lessons he taught his players. He included another lesson for them in his will: 180 former players will receive a check for $200 with instructions to have a dinner on the coach.
One player remarked that the lesson being taught is friendship. Bloomberg has more on the story in an article titled “Dean Smith Dinner Bequest Is One of His ‘Lessons’ to Team.”
The lesson to be learned here is that wills and estate plans do not have to just be a cold distribution of assets. They are capable of many things, including teaching lessons to loved ones.
Contact your estate planning attorney about “lessons” you would like to leave through your estate plan.
Reference: Bloomberg (March 26, 2015) “Dean Smith Dinner Bequest Is One of His ‘Lessons’ to Team.”