The NFL pre-season is upon us! The NFL pre-season is a great way for teams to scope out their favorite players, determine who can come off the injury list, see how the roster will be organized, and essentially get everything ready for the upcoming season-to-be. If you’re an NFL fan, you know that this means that your favorite time of the year is close. If you’re not an NFL fan, it’s still fun! It means that fall is here, almost, and that brings with it all the amazing things that come with the year’s second-to-last season.
When you think of the pre-season, you think of a preparedness plan that NFL coaches are making for the big event. In a way, estate planning is somewhat of a pre-season. Here are your core components:
A Good Offense
Your attack plan is always important. You want to have a formidable offense. In the context of the NFL, this means a tough O-Line, strong receivers, and, of course, a star quarterback. For the rest of us non-NFL’ers in estate planning, a good offense means an affirmative plan of action when it comes to dividing up your assets and determining who your beneficiaries will be.
You should attack asset division in an organized fashion, whether you’re gifting assets in an inter vivos trust so as to avoid going through probate or assigning monetary gifts to your family to be paid from any residuary in your estate.
An Even Better Defense
Of course, you can’t have offense without defense. In estate planning, your best defensive plan is to prepare for eventualities that may arise, such as sickness, death, or incapacitation. When you’re incapacitated, that means that you are unable to make decisions for yourself. Maybe you’re unconscious or too sick to be responsive. Either way, having documents in place such as a healthcare directive or people in place like a POA will ensure that your healthcare and financial decisions are made responsibly and in accordance with your wishes.
Who’s Your Head Coach?
Trick question: you are! And you shouldn’t forget that. When you’re preparing your estate plan, make sure that you’re acting in accordance with your own wishes and what is best for your estate. Remember, this is your estate plan. Make sure that you pick a POA who is responsible and knowledgeable, not just the first person who asks you.
Who’s Your Backup QB?
Speaking of a POA, your power of attorney definitely qualifies as your backup quarterback. They are fit individuals over the age of eighteen, of sound mind, and with specific duties who make financial and healthcare decisions on your behalf in the event that you become sick or ill. You can also appoint them as the executor or executrix of your estate after you die, which means that they wind up the estate and handle property division.
Keeping Your Roster Updated
Coaches in the NFL change their rosters all the time. They know that things don’t always stay the same. Players get injured, suspended, or stop performing well. Just like the NFL coaches, you need to be prepared to change things in your estate plan if necessary. Make sure to keep it updated. If you see that there is a change in the family (a divorce, a new child, etc.) that requires adjustment, do it sooner rather than later.
As you can see, there are a lot of parallels to be made between the pre-season and preparedness in estate planning. When you’re thinking of ways to organize your life and get prepared, estate planning should be at the top of your list.