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August 24, 2017

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Estate Planning: An Olympic Sport?

 

 

 

Every two years, the Olympics give families all across the world a reason to gather around their TV and cheer on their country.

 

Watching the Olympics can be a great time to bond with your family members, but to also be reminded that life is filled with risks (look how fast those skiers go down that mountain!) and that you need to be planning for the future of your family.

Here is a breakdown of the Olympics, put into estate planning terms:

Opening Ceremony
Whether you have an estate plan that needs to be revised or need to put one into place, it is vitally important to sit down with an estate planning attorney for an initial visit to assess what needs to be taken care of for your estate. If you have a plan in place, then this visit should happen every 2-3 years to make sure your plan is up to date. If you need to put a plan in place, then this visit will serve as a meeting to discuss your options.

Event—Dog Sled Racing
Creating an estate plan is not an individual sport—it truly takes a team to get it done. On your team, you will want your spouse/partner, estate planning attorney, your accountant, and your financial advisor, to name just a few. Together, you can all pull the sled that is your estate to victory.

Event—Figure Skating
You will want your estate plan to be well crafted and executed flawlessly, just like a figure skating routine. Make sure that all the protections against injury or point deductions (such as probate) are built into the routine that is your estate plan.

Closing Ceremony
When your estate plan is, or revisions to your estate plan are, complete, you will again meet with your attorney to sign the documents and make sure that you understand what has gone into your plan and what the next steps are going forward.

Gear up for the Summer Olympics!
As mentioned previously, your estate plan should be revised every 2-3 years, about the same length of time between each Olympic games. Just like the Olympic Teams, make sure that you are keeping up with your training and that your plan fits your needs and moves with the changes of your life.

 

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