While You Are Working on Your Golf Game,

Don’t Forget to Work on Your Estate Plan

The course stretches out around you, lush and perfectly manicured. You step up to the ball, take a few practice swings, and inhale the morning air. It is a shot you have made hundreds of times. But years of playing golf have taught you that there is no guarantee you will hit it right this time.

Today the breeze is a little stronger. The grass is damp. The same old sand trap guards the flag, daring you to try your luck. You adjust your hands, set your feet, and commit to the shot. You eye the ball and hit it square. Everything feels dialed in . . . until the ball sails into the sand.

Golf, like life, has a way of humbling even the most experienced among us. Conditions change. Variables shift. What worked last time might come up short today.

Estate planning is no different. It is about knowing the terrain, making smart choices with the tools you have, and adjusting as life throws you its fair share of water hazards, wind gusts, and bunker shots.

While you are out there working on your game, remember that in the game of life, you should also be developing your estate plan. As with golf, an estate plan takes careful preparation and continual refinement for the best results.

Teeing Up: Get Your Information Together

There is something to be said for not overthinking in golf—or in estate planning. Overthinking can lead to what psychologists call analysis paralysis.

In golf, analysis paralysis can lead to freezing up and getting a case of the “yips.” You play out worst-case scenarios in your head, which can cause more overthinking, overanalyzing, indecision, and ultimately, poor execution.

The same can happen with your estate plan. You spend so much time agonizing about the initial step that it interferes with the process (or even with getting the process started).

Golf pros recommend that you reduce intrusive, unnecessary thoughts on the course by having an established, repeatable preshot routine. For your estate plan, that process starts with gathering your essentials. Before “teeing off,” know the following:

• What you own. This includes bank and retirement accounts, investment portfolios, real estate (such as your home, cottage, or rental properties), vehicles, valuable collections, and digital assets.
• What you owe. Consider your mortgages, loans, and other debts.
• Whom you would like to name as your beneficiaries. Whom do you want to receive your money and property? Beneficiaries may include family members, friends, and charities.

This inventory is your “yardage book,” so to speak. It gives you the lay of the land. Without it, your estate plan has no direction. With it, you are ready to take a confident first swing.

Selecting the Right Club: Choosing Your Estate Planning Tools

You have teed up and surveyed the course, and now it is time to take your first real swing. Not every shot requires your driver, and not every estate plan needs the same tools.

On the course, picking the right club can make or break your shot. In estate planning, the “clubs” are the tools you use, such as wills, trusts, powers of attorney, and healthcare directives.

You would not reach for a putter on the tee box, and you would not use a driver for a delicate chip shot. Nor would you rely on a bare-bones will to handle complex family situations, accounts, properties, or businesses, or name a beneficiary with special needs on a life insurance form that could jeopardize their government benefits.

Experience is the best teacher. But chances are that you have spent more time on your golf game than on your estate plan. You might be playing the estate planning course for the first time. Your “caddy,” though—that is, your estate planning attorney—knows the course. They are the seasoned professional advisor by your side, helping you evaluate the available estate planning “clubs” and select those that will reliably get you closest to the hole (your planning goals). An estate plan typically has the following goals:

• Avoid probate and streamline the transfer of your accounts and property after your death
• Enable someone you trust to make medical decisions for you and manage your finances if you are alive but unable to do so (i.e., are incapacitated)
• Minimize estate, gift, and income taxes
• Establish guardianship and financial support for minor children
• Protect your hard-earned accounts and property from your chosen beneficiaries’ creditors, lawsuits, or future divorces
• Preserve eligibility for a beneficiary who is receiving means-tested government benefits
• Leave a lasting legacy through charitable giving or multigenerational planning

With the right advice and the right tools in hand, you will be well positioned to keep your plan on course and headed straight for the green.

The Drive: Signing the First Set of Documents

There are few feelings on the golf course that compare to nailing your first shot. You know you hit it well by the sound of the club strike and the way it launches cleanly off the tee. Your preparation has paid off. You did not overthink—or underthink—the process. The ball arcs through the air, lands in the center of the fairway, and rolls forward. You spot it, smiling as you make your way down the course with a little spring in your step.

In estate planning, signing your initial set of documents, such as a will or trust, is your “drive.” It is your initial shot that moves the ball decisively down the fairway. This “first swing” puts the following key protections in place:

• Naming who will manage your affairs if you are incapacitated or after you pass away
• Setting clear instructions for how your money and property should be distributed to your beneficiaries
• Helping prevent family confusion or conflict at a time when emotions are running high
• Protecting your minor children by nominating guardians in case something happens to you

Like a strong drive that moves the ball far down the course and sets up your approach to the green, these documents take you much closer to your end goal. They are unlikely to be a “hole-in-one.” There is still work to be done. However, you are much closer than you were when you started. You are no longer standing at the tee, debating your initial swing. You have committed and made measurable progress. You are moving the ball forward.

Putting: Adjusting Your Approach to the Pin

Some golfers are known for having a powerful drive. They look strong coming out of the box. Their ball sails far and true off the tee, and from initial appearances, has set them up for an easy, stress-free finish.

Seasoned golfers understand, though, that the short game is every bit as important as the long game. As the saying goes, “drive for show, putt for dough.”

In estate planning, even the best drive (signing your initial documents) will not get the ball to the pin (planning goals) without a steady hand on the green. Life, like golf, is a game of making ongoing adjustments to changing conditions. Hazards (sand traps, water hazards, trees, wind gusts) pop up. You and your caddy might be ready to deal with these. But what about something totally out of the ordinary (say, a massive alligator interrupting play)?

Each change can alter your path to the pin and the strategy to get there. When conditions change on or off the course, your plan should change too. Situations that call for estate plan adjustments include the following:

• Marriage or remarriage. You will likely want to update beneficiaries and consider appointing your new spouse as your decision-maker if you become incapacitated or upon your death.
• Having children or grandchildren. You may want to add them as beneficiaries, appoint guardians, or create continuing subtrusts to hold their inheritances.
• Divorce. This event should cause you to revisit your entire plan to reflect a new family structure.
• Death or incapacity of a trusted decision-maker. You should choose new executors, trustees, or healthcare agents.
• Changes in wealth or business ownership. You will want to integrate any new accounts and property or liabilities into your estate plan and reassess tax exposure.
• Tax law or legal changes. You should continuously fine-tune strategies to preserve tax efficiency and maintain compliance with updates in all applicable laws.

Long drives in golf are impressive to watch, but the best golfers—and the best estate plans—have both a strong long game and a finely honed short game. Plan regular reviews of your estate plan every three to five years or after any major life event. With a few well-placed and well-timed adjustments, you will stay on track for a smooth finish—no mulligans needed.

Playing the Full 18

You cannot let up on the golf course or on your estate plan. You must stay focused on the course ahead, know your approach, and be ready to adjust on the fly.

Golfers do not come out ahead by playing a few good holes. You could cruise through the front nine and struggle on the back nine. A single disastrous hole can undo an otherwise stellar round. It might look like a perfect day for golf, but conditions can change quickly and unexpectedly.

You cannot always rely on past decisions to carry you to the cup, in golf or in life. What worked before might not work now. Keep refining, improving, and adapting your estate plan the same way you would your golf game.

Take a swing at your estate plan, and make sure it is built to play the full 18 holes on any course and in any conditions. If you need a caddy for your next round, contact us.