Now That You've Built Your Estate Planning Playbook, It's Time to Put It to Work

An older man wearing a martial arts black belt kneels and looks very focused and relaxed.

Editor's Note: This is part four of a four-part series about how to create and use your own Estate Planning Playbook. Earlier articles covered the fundamentals, the key components and the value of assembling a personal playbook. Today, we focus on using your plan as an active, ongoing tool that supports clarity, trust and long-term family harmony.

It's said that in martial arts, you begin learning in a deeper way once you earn your black belt, which signals readiness for the next phase, not the end of the journey.

Estate planning works in a similar way. Once you create a revocable living trust and organize your playbook, you have a foundation.

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Now the real work begins, because families evolve, laws change and your wishes might shift over time. A healthy estate plan keeps pace with those changes.

Hold a family meeting

A family meeting can be one of the most effective steps you take after your documents are in place. It doesn't need to feel formal, but it should be intentional.

About Adviser Intel

The author of this article is a participant in Kiplinger's Adviser Intel program, a curated network of trusted financial professionals who share expert insights on wealth building and preservation. Contributors, including fiduciary financial planners, wealth managers, CEOs and attorneys, provide actionable advice about retirement planning, estate planning, tax strategies and more. Experts are invited to contribute and do not pay to be included, so you can trust their advice is honest and valuable.

This is your opportunity to outline your wishes, explain the structure of your plan and help your beneficiaries understand the purpose behind your choices.

These meetings matter because misunderstandings often lead to conflict. When heirs never hear directly from you, they might interpret unequal distributions or complex structures through their own assumptions.

Addressing those decisions now can prevent unnecessary tension later.

What to cover during a family meeting:

Provide each beneficiary with a copy of your revocable living trust
Explain who is serving in key roles, such as a successor trustee or executor
Clarify any unequal inheritances and the reasoning behind them
Discuss your general intentions for your wealth, values or charitable goals

Some families prefer to hold this meeting with their financial adviser or attorney present. Others handle it privately.

The right format is whichever one makes the conversation productive and clear.

Use your playbook to fill the gaps

Your revocable living trust outlines who receives the assets within the trust. It doesn't tell your family where the accounts are held, how much they contain or who the beneficiaries are on assets that pass outside the trust.

Retirement accounts and certain insurance policies often fall into that category.

This is where the playbook becomes essential. A complete playbook gives your loved ones a clear path during what is often a stressful time.

Your playbook should include:

Recent statements for investment, bank and credit union accounts
Copies of life insurance policies
Grant deeds for real estate
Funeral instructions or preferences
A current list of your CPA, financial adviser, attorney and insurance agents
Contact numbers and policy or account identifiers

When you walk your family through these items, they know whom to call and where to find everything. Without this information, assets can be overlooked or lost.

I still work with a client who believes his grandfather left more behind than the family ever located because no one had a full picture of the accounts.

Prevent common oversights

Many families run into practical obstacles that are surprisingly easy to avoid. Documents might be locked in a safe deposit box without a shared key.

Passwords might be stored on a home computer that no one can access.

Beneficiaries might not know which accounts trigger tax liabilities.

A bit of preparation now can make things significantly easier later.

Ways to avoid common mistakes:

Tell your heirs how to access your computer and secure files
Ensure someone knows where the safe deposit box key is kept
Confirm that each beneficiary understands which accounts pass through the trust and which do not
Review your assets that carry tax considerations, such as retirement accounts and non-IRA annuities

Most financial advisers are eager to meet your beneficiaries early. These introductions help everyone build rapport and give your heirs a trusted resource when difficult decisions eventually arise.

Bring your plan to life

A thoughtful estate plan does more than distribute assets. It reduces stress, minimizes taxes and gives your family clarity during an emotional time.

When you combine open communication with a well-organized playbook, you create a legacy built on confidence rather than confusion. That level of preparation often becomes one of the most meaningful gifts you can leave for your loved ones.

Securities offered through Osaic Wealth, Inc., member FINRA/SIPC. Artisan Capital Partners is a DBA powered by NWF Advisory Group LLC. Investment advisory services offered through NWF Advisory Services, Inc. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth.

Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Eric is a prominent figure in the Long Beach community, where he has made significant contributions both professionally and philanthropically. As the President and Founder of Octave Wealth Management, Eric has steered his financial planning practice to new heights since its rebranding and expansion in 2024. His career, which began in 1997, has been marked by a steadfast dedication to excellence, reflected in the success and growth of his practice.