How your Estate Plan finds its way to the End Zone
The 2024 NFL season culminates this month with Super Bowl LVIII. Let’s tackle how to get your estate plan into the end zone and the hands of your chosen beneficiaries. Just like your favorite team strategizes its plays, you need a game plan for your estate.
1. The Draft: Choosing the Right Teammates
Secure victory for your estate by drafting the right players to fill the gaps in your team. Consider who will be quarterbacking the team once you are gone, making critical decisions, and throwing passes - your personal representative and/or successor Trustee(s).
2. Create the Playbook: Your Trust and Will
The core of any estate plan is the Trust or Will. Much like a team's playbook, this is where you detail your wishes and lay out the route of how to make that happen. Want to ensure that your season tickets (or other assets) end up with your kids? Here's where you huddle up to make the play. Don’t let a lack of planning allow your assets to be intercepted.
A successful defensive play prevents the opposing team from scoring. Let your estate plan act as a defense, managing your assets to avoid fumbling into excessive taxation, attacks by creditors, and lawsuits.
3. Training Camp: Understanding your Assets and how to Protect from a Turnover
Knowing where your assets will go after your time is crucial. Start by creating a comprehensive list of your financial assets (investment accounts, real property, retirement, life insurance), and don't forget those sentimental items (personal property). With your assets listed, it’s time to understand their value and how your Trust can protect them from an unwanted sack or turnover.
4. Special Teams: Powers of Attorney, Advance Health Directives, and More
Special teams play a targeted function in handling kickoffs, punts, and field goals. Like the unsung heroes of special teams, the following tools might not get the limelight, but they can be game changers. A Property Power of Attorney allows you to designate someone to make important decisions and handle your business on your behalf should you be unable to do so, avoiding guardianship. Advance Healthcare Directives are like an automatic kicker so your loved ones aren’t stressed or fighting about making tough healthcare calls at the thirty-five yard line with seconds on the clock and no timeouts remaining.
5. Avoiding Penalties: The Probate Process
Without a clear game plan, your estate could end up in probate, a lengthy and costly court process. Avoid penalties - having a clear and updated estate plan saves time, money, and unnecessary loss of yards.
6. Escape the 2-minute warning:
The two-minute warning signals the teams must act quickly and limits timeouts. Similarly, you shouldn’t wait until the last minute to create an estate plan. Procrastination may lead to missed opportunities and added stress to your loved ones. Planning puts you in control, instead of scrambling to avoid an unexpected blitz.
7. The Hail Mary: Charitable Giving
Maybe you’re sporting a cause on your cleats, and you’d like a part of your legacy to support a charitable cause. Think of it as your Hail Mary play; a last-minute move that leaves a lasting impression. Your estate plan can include donations to charities close to your heart.
8. The MVP: Your Estate Planning Attorney
Finally, never underestimate the power of a good coach, or an experienced estate planning attorney. Lubnau Law, LLC is here to guide you through the estate planning process, provide valuable legal advice, answer questions, and ensure you have the hall-of-fame plan you deserve.
End-Game Recap
Whether you’re a fanatic or a fair-weather fan, recognizing the value of careful planning and creating a comprehensive offensive and defensive estate plan will ensure your loved one’s peace of mind. Your team deserves a well-advised plan. So, as you cheer on your favorite team this Superbowl, let’s work together to make a championship drive for your families’ legacy. (307) 682-1313.