Tragic Flight School Owner’s Death Highlights Importance of Estate Planning
Our law firm is currently handling a probate case that was recently highlighted in the news. This heartbreaking story serves as a somber reminder of how sudden tragedies can have far-reaching impacts on both personal and professional lives.
The unexpected death of a flight school owner not only left a void in the lives of his loved ones but also brought unforeseen challenges to his business and its students.
Our founding attorney, Samantha Fitzgerald, shared a statement with the WPLG Local 10 news channel:
With the tragic loss of all the flight school owners, the estate must undergo the legal probate process, during which creditors are paid in a specific order. In this case, bank loans are secured creditors and, regrettably, they take priority over the students. It’s an unfortunate situation, but we must adhere to the law.”
This case underscores the critical importance of having comprehensive estate planning documents in place. Without these documents, we face delays and restrictions imposed by the courts. For example, liquidating complex assets, such as aircraft, becomes significantly slower. If the business had been placed in a trust, we would have had immediate authority to sell assets, pay employees, and settle with creditors without needing court approval.
In light of these challenges, our thoughts are with the family and all those affected by this tragic event.