The third part of our Estate Planning 101 series:
Lesson 3: Coaching and Execution
Even with the proper instruments, an estate plan is just like a game plan. You will recall from Lesson 1 that a comprehensive estate plan requires the proper instruments AND the legal, financial and medical advice needed to accomplish your goals.
Coaching – The Right Advice at the Right Time
Even the best preparation breaks down in the face of unanticipated circumstances or adjusting conditions. An estate plan is not like a freshman blue chip basketball player at the University of Kentucky (one and done).
Great coaches adjust to the realities of the game
A comprehensive estate plan includes ongoing adjustments as circumstances and conditions change. For example, a pre-2011 estate plan is based on an estate tax exclusion amount that was far less than half of the current limit. Relying on that plan going forward could result in substantial mistakes that are avoidable with a few simple halftime adjustments.
Execution – Players play and Coaches coach
Similarly, despite the best coaching, a successful game plan requires execution by the players on the field. In the area of Estate Planning those players go by names like Personal Representatives, Executors, Trustees, Beneficiaries, and Agents. It is important that each of those players fully understands their role in executing the plan. They need to know and understand the plan completely before they are asked to enter the game. Failing to properly educate and coach your players may not only result in a failed plan but personal injury (liability) to your players.
If you’re ready to get in the game, contact us at (720) 358-4768 or click here to schedule an appointment to discuss your planning options.
If you’re still not convinced that Estate Planning is right for you, check out Lesson 4: Tools at the Ready