Estate planning is one of the most important—yet often overlooked—parts of a solid financial plan. While many people associate it with the very wealthy or the very elderly, estate planning is for everyone, regardless of age or net worth. It ensures that your wishes are honored, your loved ones are cared for, and your finances are handled according to your values.
We discuss some of the most common estate planning questions we hear from clients—and what you should know about them:
"Do I really need a will?"
Yes—everyone should have a will. A will outlines how your assets should be distributed when you pass away and allows you to name guardians for minor children. Without one, the state decides what happens, which can create confusion and conflict for your loved ones.
"What’s the difference between a will and a trust?"
A will goes through probate—a court-supervised process—after you pass away. A trust (specifically, a revocable living trust) can help your heirs avoid probate, maintain privacy, and manage assets more efficiently. Trusts can also provide more control over how and when your assets are distributed.
"Who needs a trust?"
Trusts can be useful for:
Families with young children or special needs dependents
People who own property in multiple states
Those who want to avoid probate
Anyone who wants greater control over asset distribution
Even for modest estates, a trust can make life easier for your family and avoid legal delays.
"What is a healthcare directive or living will?"
This document allows you to state your wishes for medical care if you're unable to communicate them. It often works alongside a healthcare power of attorney, which names someone to make decisions on your behalf.
"What happens if I become incapacitated and haven’t named anyone to manage my affairs?"
Without a durable power of attorney, your family may have to go to court to gain control over your finances and medical decisions. That’s why it's important to designate trusted individuals in advance.
"How often should I update my estate plan?"
At a minimum, you should review your estate documents:
- After major life events (marriage, divorce, births, deaths)
- When your financial situation changes significantly
- Every 3–5 years to ensure everything is still aligned with your wishes
"What assets pass outside of my will or trust?"
Assets like retirement accounts, life insurance, and jointly owned property typically pass directly to named beneficiaries. It’s critical to keep these beneficiary designations up to date—they override what’s in your will or trust.
"Can estate planning help reduce taxes?"
Yes. Thoughtful estate planning can minimize estate taxes and ensure more of your wealth goes to your loved ones or charities you care about. Strategies can include gifting, charitable trusts, and more.
We are Here to Help You
Estate planning isn’t just about documents—it’s about peace of mind. It’s a gift to your family and a key part of protecting the life you’ve worked hard to build.
Our mission is to help bring clarity and confidence to your financial life. If you’re unsure where to start or want to review your current plan, let’s connect. We can work with you and your estate attorney to ensure your plan is clear, complete, and in alignment with your goals.
