Beyond the Documents: Making Sure Your Estate Plan Works in Real Life 

Six Things You Should Know

1. Equity Markets – were mixed this week with U.S. stocks (S&P 500) gaining +1.16% while international stocks (EAFE) were down -0.55%.
2. Fixed Income Markets – were up this week with investment grade bonds (AGG) increasing +0.37% and high yield bonds (JNK) adding +0.49%.
3. FOMC Minutes – The latest FOMC minutes showed that most officials expect another rate increase may be needed this year, although there was little urgency for an immediate October hike or a prolonged tightening cycle. Policymakers remained concerned that elevated energy costs, strong AI-related investment and resilient economic demand could broaden inflation pressures, with several viewing current policy as only mildly restrictive.
4. Trade Deficit – The U.S. trade deficit widened 13.7% in August to $105.6 billion, its largest since March 2025, as imports reached a record $420.8 billion while exports rose more modestly to $315.2 billion. The gap expanded mainly because imports of crude oil, gold, semiconductors and other AI/data-center equipment grew much faster than exports, reflecting strong domestic investment demand.
5. Cybersecurity Reminder – Scammers are increasingly using Remote Access Tools (RATs) along with phishing emails or texts to take control of devices like phones, tablets, and computers. Once installed, these tools can give cybercriminals access to sensitive information, including your Schwab accounts. These attacks can be hard to spot, so if something doesn’t feel right- like unusual account activity or suspicious messages- trust your instincts. If you sense suspicious activity, please call us immediately or report any concerns to Schwab at 800-515-2157. 
6. Key Insight – [VIDEO & ARTICLE] Estate planning is more than signing documents and putting them away—it’s making sure your plan continues to reflect your wishes and works for the people who may need to carry it out. Reviewing it through the perspectives of your attorney, a professional trustee, and wealth advisor can help uncover gaps, simplify unnecessary complexity, and keep your family’s goals at the center. And yes, it helps if they can find the documents more easily than the garage door opener.

Insights for Investors

By Dave Gordon

Beyond the Documents: Making Sure Your Estate Plan Works in Real Life 

Estate planning is often treated as a paperwork project: get the documents signed, file them away, and check the box. But the real test comes later, when those documents have to be administered during a difficult moment. These moments usually occur alongside some of the most emotionally charged times one will have to walk through.  

Over the past several years, we’ve helped clients work through the implementation of their legal documents, and we’ve seen the value of reviewing plans through multiple lenses before they are put into place. The drafting attorney’s job is to translate a client’s wishes into legal language. A trust officer sees how that language works when a family has to administer the plan—when definitions, discretion, timing, and instructions become real decisions. A wealth advisor can connect the legal structure with assets, beneficiary designations, tax exposure, and broader goals. Together, they raise questions: Is the plan clear? Can the people named carry out their roles? Are the assets aligned with the documents? Will the family know what to do next? 

To quote Iran Harvell, a former trust officer and now Executive Director of Estate and Financial Planning with our partner firm, Hightower, trust officers often hear, “That’s not what Mom and Dad intended.” Carefully drafted documents can still lead to confusion if the language, structure, or implementation no longer matches the family’s wishes. A review should look at how the plan is likely to work in real life, not just whether the paperwork is signed and stored somewhere safe. While ideally the documents are easier to find than the garage door opener, having signed and updated estate planning documents should not be the only litmus test. Asking other perspectives, those professionals that help administer and implement your desired plan should be part of this review. And then finally, lean on these folks to help communicate the plan to your loved ones. TEN Capital has been putting a lot of effort into this piece as these legacy plans for so many of our clients are now coming to finalization. 

So where does one begin? In our opinion, the best place to start is with the desired outcome. What do you want to happen? Why is the current structure designed this way? In a recent client meeting, open-ended questions revealed that several trusts weren’t needed to accomplish the family’s goals. Simplifying the plan reduced cost and administrative work. Sometimes, the most sophisticated strategy is realizing you don’t need the strategy. A trust should earn its place in the plan by solving a real problem. 

A few practical takeaways: 

• Review your plan when life changes—and certainly if it’s been over 5 years. 

• Confirm your executor, trustee, and agents are still the right people. 

• Clarify what you want your wealth to accomplish before choosing legal structures. 

• Coordinate account ownership and beneficiary designations with your documents. 

• Make sure the people who may need to act know where the documents are and who to call. 

Estate planning is a living process. The goal is to give your family clear direction when it matters most, and a plan that reflects what you want your wealth to do. A well-organized binder is nice; a family that understands the plan is even better. 

And finally, lean on us. It’s our honor to help play a role in communicating your wishes and desired outcomes to those that mean the most to you. 

To your health and living wealthy, 

Dave and the team at TEN Capital. 

Data, Just the Data

• Japan Household Spending – is now down -3.1% year over year and has now recorded monthly declines for 9 consecutive months as consumers remain cautious amid persistent inflation.
• U.S. Jobless Claims – initial claims fell by 2,000 last week to a total of 197,000 remaining near 60-year lows. Continuing claims rose by 17,000 to 1,716,000.
• Euro Area Retail Sales – rose slightly by 0.1% in August following the sharpest monthly decline of the year in July. Year-over-year sales are now up 0.8%
• U.K. Manufacturing PMI – rose to 51.9 in September, marking expansion for the sector for the 11th consecutive month.