All About Estates

A True Heartbreaker

This Blog was written by: Liz Bozek

 

As you have undoubtedly heard, Tom Petty died on October 2nd after suffering a massive heart attack. He was rushed to hospital and placed on life support but, after doctors discovered no signs of brain activity, the decision was made to remove life support. Petty died shortly after at the age of 66 years.

Petty was looking forward to a well-deserved retirement and time with his loved ones, as he finished his latest tour with The Heartbreakers a week before his death. In an interview with Rolling Stone magazine prior to the launch of this last tour, Petty remarked:

“I’m thinking it may be the last trip around the country… I’d be lying if I didn’t say I was thinking this might be the last big one. We’re all on the backside of our sixties. I have a granddaughter now I’d like to see as much as I can. I don’t want to spend my life on the road. This tour will take me away for four months. With a little kid, that’s a lot of time.”

After news of his death was confirmed, tributes immediately poured in from celebrities and fans around the world, with the common theme being a celebration of Petty’s musical legacy.

When meeting with clients to discuss their estate planning, I like to start off by asking them what they want their legacy to be. While we may not all be able to leave behind a rich musical legacy like Petty, we can nevertheless ensure we leave behind a meaningful legacy. This involves more than just preparing a will: it involves a full examination of one’s personal, family, charitable and financial goals. Petty’s death serves as a stark reminder that nobody can predict when their time will come, but a life unexpectedly cut short can nevertheless be celebrated because of the rich legacy left behind.

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About Paul Fensom

Scotiatrust offers a full range of estate, trust and philanthropic advisory services designed to meet a client’s personal objectives and designed to evolve across a variety of life stages and financial events.

Email: paul.fensom@scotiawealth.com

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