Many people look at others’ success, especially financial success, and chalk it up to luck. But what we often perceive as “luck” is really just preparation meeting opportunity. Make Your Own Luck Day on Aug. 26 is a good reminder that success, particularly in estate and financial planning, is less about chance and more about making intentional decisions ahead of time.
Planning is the foundation of ‘luck.’
A popular misconception is that some people are simply fortunate while others aren’t. In reality, those who appear “lucky” often take time to plan, seek advice, and set clear goals. Estate planning is a powerful example of this. You can either choose to be proactive and set up a will, trust, or power of attorney, or you can leave those decisions unresolved, potentially causing confusion and conflict for your loved ones after you’re gone.
When someone passes away without an estate plan, their family may face long probate processes, unclear asset distribution, and emotional disputes. Recently, we had a case that involved a deceased individual who left behind six children and no formal will, only a handwritten note naming two of the children as representatives. Although the intention may have been clear in conversation, nothing was legally documented. As a result, disagreements among the siblings led to a difficult and emotionally charged probate process.
This wasn’t bad luck; it was the consequence of failing to plan.
Planning also reduces tax burdens.
Financial planning, especially tax planning, also allows you to shape your own outcomes. There are legal strategies to minimize tax burdens, but you have to know about them and act before it’s too late. Surprisingly, many wealthy individuals aren’t especially financially savvy. Some simply acquire valuable assets like real estate but never take the time to explore how planning could protect or grow their wealth.
Part of “making your own luck” involves surrounding yourself with trustworthy professionals who can help you navigate these complex systems. Whether it’s an estate attorney or a financial planner, having the right guidance makes all the difference.
Failing to plan has a cost.
Another example of inaction involves a client who was terminally ill. She had previously put together a basic will, but when her health rapidly declined, we acted quickly to revise her plan and account for her children and set up a trust that ultimately saved her estate over $100,000 in probate fees. That’s not luck — it’s preparation under pressure. Without that intervention, her estate could have been subject to lengthy delays, legal battles, and heavy fees.
Mindset Matters
Lastly, mindset plays a huge role in how we interpret and respond to life’s challenges. “Luck” isn’t just about big wins; it’s also about how you handle setbacks. For something as inconvenient as a car accident, you can choose to let it derail your entire week, or you can treat it as a temporary detour and adjust your plans accordingly.
By planning, setting intentions, staying positive, and taking responsibility for your future, you increase the likelihood that your desired outcomes will come to pass. That’s not magic; instead, it’s what happens when you make your own luck.