August is National Golf Month (and Make-a-Will Month)—an ideal time to tune up your swing and your estate plan. Like golf, there are many estate planning lessons from the golf course as both require strategy, the right tools, and regular adjustments. Learning estate planning lessons from the golf course can keep your plan out of the rough.
Tee Up Your Estate Plan with a Financial Snapshot
Before you can make a solid plan, you need to know the terrain:
- What you own: Include real estate, bank accounts, retirement funds, vehicles, business interests, and digital assets.
- What you owe: List all debts and liabilities.
- Who matters: Think about the people or causes you want to benefit.
This is your estate planning “yardage book”—a clear view of what you’re working with that includes estate planning lessons from the golf course.
Choose the Right Estate Planning Tools—Not Every Shot Needs a Driver
Estate plans are not one-size-fits-all. Your estate planning “clubs” might include:
- A will to name guardians and distribute assets
- A trust to avoid probate and control asset distribution
- A financial power of attorney to authorize someone to manage finances if you’re incapacitated
- A healthcare power of attorney to name a trusted person to make medical decisions for you
- An advance healthcare directive to outline your medical wishes clearly in advance
- A declaration of disposition of last remains to document your funeral and burial preferences
Just like in golf, using the wrong tool for the shot can set you back. That’s why working with an estate planning attorney—your “caddy”—can help ensure you make the right choices for your unique circumstances.
Start Strong: Sign the Essentials
Signing your estate documents is like hitting a clean drive off the tee—it moves your plan down the fairway. Estate planning lessons from the golf course suggest key benefits including:
- Naming who will manage your affairs
- Avoiding family disputes
- Protecting young children
- Creating a path for your legacy
Make Adjustments as Conditions Change
Even the best drive won’t land you in the hole. Life happens—and your estate plan should adapt:
- Marriage or divorce
- Births or deaths in the family
- New financial accounts or property
- Business ownership changes
- Legal or tax law updates
Review your estate plan every 3–5 years or after a major life event. Applying estate planning lessons from the golf course can be beneficial.
Finish Strong: Play the Full 18 Holes
A few great holes won’t win the round—consistency does. Your estate plan needs regular maintenance, just like your golf game. Don’t rely on past decisions to carry you through the future.
Take a Swing at Your Plan This Month
This August, while you’re focused on lowering your handicap, make time to protect your legacy too. Contact us—we’re happy to walk the course with you, sharing estate planning lessons from the golf course as we go.
