Steve McNair’s tragic death in July 2009 came as an utter shock to the entire world of sports. It was hard to believe everything that transpired leading up to his death. The former NFL quarterback left behind not just an incredible legacy but a series of legal complications that cast doubts on his family’s future.
Steve McNair, notorious for several affairs, had a significant net worth of close to $20 million when he passed away at 36. But the trouble did not end with his untimely demise; it actually had only just begun for his family. Steve’s widow and four kids had to deal with a long, frustrating probate process. As a result, a big chunk of his money ended up going to estate taxes.
Steve McNair’s $19.6 Million Net Worth: How the Quarterback Scored Big
Air McNair after a 13-year NFL career, where he played for the Houston Oilers/Tennessee Titans and the Baltimore Ravens, had millions in his bank when he passed away. To be precise, Steve McNair’s net worth was reported to be $19.6 million at the time of his death. He earned a series of lucrative contracts in his professional years that massively bumped his finances.
In 2006, the quarterback secured a major deal with the Titans that paid him $112 million over six years, plus a huge $6 million signing bonus. Renowned for his exceptional skill and leadership, McNair not only earned respect during his playing days but also a substantial paycheck, which kept growing in his prime years.
When it comes to real estate, Steve owned a grand 26-room mansion in Nashville, valued at $3.2 million, double the $1.6 million he paid for it in 2004. He also had a sprawling 650-acre farm with a house in Mount Olive, Mississippi, near where he grew up.
Without a Will: The Probate Nightmare of Steve McNair’s Estate
Given all his wealth and fortune, Steve McNair’s decision to not draft a will put his family in a difficult position. His $19.6 million assets ended up in a complicated probate process, showing just how crucial proper estate planning really is.
Things got tricky when McNair’s widow, Mechelle, was named executor of his estate. She accidentally left out his two kids from a previous relationship, which caused all sorts of disputes and delays in the inheritance process. Let this be a lesson on how much stress and financial hassle can come from a simple oversight of not declaring who gets what and how much.
The mess didn’t end there. Things got even more complicated when a 45-acre property McNair had bought for his mother came to light. Since the title was still in his name, it went to Mechelle after he passed away. Adding to the controversy, Mechelle subsequently asked his mother for $3,000 per month in rent. When she eventually moved out, Mechelle sued her for $50,000 worth of property claims. Needless to say, this incident strained family relationships further and made the whole process more complicated than it already was.
Despite all these issues, Mechelle managed to secure over $1 million from the athlete’s estate for her two sons by setting up trusts for their future. McNair’s other children also received undisclosed settlements, but it wasn’t an easy process. Mechelle’s sons, meanwhile, had already received $530,000 each, with all future payments going into trusts for them.
