In the crazy world of coaching many non-sports issues get pushed aside until later. Estate planning should not be one of those. Today we will briefly discuss why most of you need some sort of estate plan in place, what major components of that plan you need to consider, and how much of your time it will take.
We all know that estate planning is a way to determine who gets what from you when you die. What many people fail to realize is that the process is also used to express your wishes for the care of your minor children, the protection of your assets from your spouse’s future creditors and/or future spouses, the limitation of estate and gift taxes, and the development of your charitable legacy.
Every good estate plan includes at least three documents: 1) a testamentary instrument such as a trust or a will detailing your wishes for the care of your loved ones and the transfer of your assets; 2) an advance healthcare directive or living will directing your care should you become incapacitated and no longer able to express your desires for your healthcare; and 3) a durable power of attorney to allow another individual to step into your shoes in managing your financial interests.
My obvious answer to this question is NOW! We don’t know when we will need these documents, and when we do, it is too late to draft them. I am not naive enough to think that you are all going to begin the process in the middle of the season. However, if done well, a simple estate plan will take much less of your time than you believe. Take care of it soon. If not for your own peace of mind, do it for your loved ones.