Estate Planning Lessons from Soccer—Adjust for the Wind and Don’t Get Caught Offside

You may have never thought of it this way before, but estate planning is a lot like soccer. Both require strategic planning, adjustments, and proper execution to achieve the right outcome. Here are some lessons from soccer that also apply to estate planning. 

Play Your Strongest Lineup When it Matters Most

If you’ve got a big playoff match, you want to put your strongest players out on the pitch. One player—no matter how good—won’t be enough to get the job done. The same is true for your estate plans. You need a full complement of powerful documents to protect yourself and your loved ones. If you’re missing critical documents, you’ve got a hole that leaves you unprotected.

Practice Teamwork

For an estate plan to be most effective, it requires coordinated teamwork. In addition to working with an experienced estate planning attorney, you need to consult your financial advisor and tax planner to ensure that all the components of your plan work together. In addition, you and your family need to understand the elements of your plan so everyone knows what to do when the time comes. Like the coordinated efforts of a soccer team, you, your attorney, your accountant, and your financial advisor all need to use your talents together to drive toward the goal.  

Be Ready for Substitutions

It would be unusual for the same players to fill the same roles without substitutions during a match. The same is true for estate plans. After a few years, the person you nominated to serve as trustee, personal representative, agent, or guardian might no longer be the best choice to fill the role. It is important to review your documents regularly and assess whether it’s time to make some substitutions to keep your plans in peak readiness.

Unlike soccer, there are no limits on the number of substitutions you can make!

Play to the Final Whistle

It doesn’t matter much how well you’ve played for the first 85 minutes of a soccer game if you lose at the end. You need to plan for and execute your maneuvers properly for the entire game. The end result is what matters.

The same is true with estate planning. You need to keep assessing your plans to see if they align with your goals to reach the right results at the end. Over time your situation changes, your priorities shift, new members join the family and others may no longer be with you. Whenever a change occurs or a goal alters, you need to make sure your plans are adjusted so that you are on track to finish strong.

Adjust for the Wind and Don’t Get Caught Offside

The wind and conditions on the pitch are different for every game. In the same way, the factors that go into an estate plan are like no one else’s. You deserve to have plans tailored to your specific needs and goals.

At PayneLess Law™, we design plans for you—and we are always watching the critical details to make sure you won’t be caught offside. Because estate planning is a lot like soccer, but also a lot more important.