Estate Planning: Who’s the Quarterback of Your Family, Legal, and Financial Affairs?

Recently, I posted something that touches on a recurring theme I’ve discussed before: teamwork and strategic partnerships among all your various advisors. I mentioned the phrase “teamwork makes the dream work,” which is something I’ve heard throughout my career. It might sound a little cheesy, but it’s true.

Most clients I work with already have a team of advisors: a financial advisor, an estate planning attorney like myself, a CPA, an insurance agent—the list goes on. However, just having these advisors doesn’t mean they’re actually working together as a team. If your advisors aren’t meeting and collaborating regularly, then you don’t really have a team approach.

The problem is that most advisors are busy with their own responsibilities, so they don’t always connect with one another. What you really need is a “quarterback”—someone who can bring everyone together, coordinate their efforts, and make sure they’re all on the same page. Lately, I’ve had more clients asking me to quarterback their team because they need someone to help with coordination, whether it’s finding a new CPA because the old one is retiring or helping with a financial advisor they no longer trust.

Having someone to orchestrate your team is crucial. So, it’s not just about having a bunch of individual advisors; it’s about making sure they function as a cohesive unit. This means closing the loop and ensuring you have someone designated as your go-to, whether that’s your estate planning attorney or another advisor. This person should be more than just a one-off resource; they should be your personal advisor and captain of your advisory team.

The key takeaway here is to make sure you’re bringing it all together and have a quarterback to lead and coordinate your team approach.