One of the questions I get most often is, “Now that we have an estate plan, what do we do next?” And, in the spirit of March Madness, the NCAA tournament, and all the excitement that comes with this time of year, I like to compare it to filling out your bracket. You document what you think is going to happen, what you want to happen—you complete your estate plan, just like you complete your bracket.
Then, next thing you know, a 12-seed is beating a 5-seed, and it throws off your entire bracket. You don’t know what to do next; life is kind of in shambles. The unexpected has happened, and now you’re left picking up the pieces, wondering, “What do we do? How do we resolve this?”
There are many different life triggers, life events, that are going to happen throughout your lifetime. You don’t need to do a constant inventory every day, but you should be mindful of it. Most of my clients have financial advisors they meet with once, twice, three, or four times a year. While you don’t need to meet with your estate planning attorney that often, you do need to keep it in mind.
Maybe it’s a conversation to have with your financial advisor, your CPA, or whoever your advisors may be. Just touch base with your estate planning attorney and say, “Hey, in the last year, maybe I lost a loved one, had a child, lost a child, went through a divorce, sold a business, started a business, got a job promotion, lost a job, or purchased a vacation home.” The point is, there are successes and failures in life, just like in March Madness, and you have to be able to account for those and make them part of the plan.
So, as we go through March Madness, keep that in mind with all the excitement, the ups and downs, and the emotions. Estate planning is no different. Enjoy March, enjoy all the madness, and enjoy the tournament.