I really wanted to watch the Monday night football game, and I really needed to write this blog, so I thought I’d do both and write a blog about what football and Estate Planning have in common. Turns out it’s more than you think. Both Estate Planning and football focus on strategy, teamwork and preparing for the future. Both require assembling the right team, adapting to changes, and defining clear goals. To reach the desired conclusion, both Estate Planning and football require foresight, determination and a bit of grit. Finally, in both, it’s important to remember that it’s not over until it’s over. While a game ends only once the final whistle blows, a well-drafted Estate Plan may not be subject to change after death but often lives well beyond the life of the individual who created it.
As we settle in for the first weekend of football, let’s explore what a football team and an Estate Plan have in common. Both require a solid game plan. For football and Estate Planning alike, the game plan serves as the roadmap to achieve a specific objective, be it winning the game, or securing a legacy. The “game plan” to secure a legacy for Estate Planning involves discussing the goals of the individual making the plan. Once the goals have been set, then the attorney drafts documents that create the Estate Plan. Finally, once the individual has executed the documents creating the plan, the client, the attorney, and others work together moving assets, updating beneficiary designations, and filing required paperwork to implement the Estate Plan. Like the various plays executed by a football team, the legal documents for an Estate Plan’s create the “playbook” in Estate Planning. Well-drafted Estate Plans provide instructions for what happens both during life and at death. A comprehensive Estate Plan consists of a Living Trust, also known as a Revocable Trust (a “Trust”), a Will, a Property Power of Attorney, a Healthcare Power of Attorney, an Advanced Medical Directive, and a Health Insurance Portability and Accountability (“HIPAA”) Authorization. Preparing these documents, much like the game plan, is only the beginning. As in football, application and execution of the “game plan” matters.
In addition to a great game plan, both football and an Estate Plan require a strong team to enact the plan. In Estate Planning, the attorney serves as the quarterback and needs supporting players such as a financial advisor, a certified public accountant or other tax professional, as well as other specialists. Each individual member has specific roles and responsibilities and brings their own expertise to the “game.” When these parties work well together, they create a seamless plan with flexibility. However, just like a football team, if a member of the Estate Planning team fails to do their job properly, that failure can have disastrous consequences. Much like the far-reaching impact of a quarterback throwing an interception or a defender missing a tackle, an individual failing to accomplish their portion of the plan may lead to significant unintended and negative consequences. Those consequences range from additional taxes or loss of government benefits to creditors obtaining access to or misappropriation of assets. Just like on the football field, minor mistakes have major consequences. Estate Planning, like football, presents opportunities to learn from mistakes and to evolve.
Not only does each team member need to complete their job in both football and Estate Planning, but each needs to adapt when circumstances warrant it. The football team needs to alter its offensive or defensive plays if they are not producing the intended results. Likewise, the attorney and the team responsible for creating and implementing the Estate Plan need to pivot when family dynamics, beneficiary needs, or finances change. Even in the absence of such changes, both football teams and estate planning clients need to review the playbook periodically to ensure that it continues to meet needs and respond to new challenges.
In both football and Estate Planning, sometimes the best offense is a good defense. Drawing parallels between the two was easier than I thought, after all, both focus on strategy, teamwork, preparing for the future, assembling a team of experts, adapting to changing circumstances, and defining clear goals to ensure a successful outcome. Finally, both require a flexible approach to address as many unknowns and potential outcomes as possible. In both, it’s impossible to predict everything, although it’s incumbent upon the team to address as much as possible. Thankfully, my team was able to do that on Sunday. For most of the game, it looked like they were going to lose. Instead, they never gave up, continued to adjust, and ultimately had faith in one another and relied upon their teammates. That winning combination allowed them to prevail, much as it does for an Estate Plan. If you are looking to secure your win, reach out to me about how I can help you structure your Estate Plan thereby securing your legacy.