Estate planning is often misunderstood as something only thewealthy need to consider. In reality, it is a critical part of financialwellness for anyone who wants to have a say in what happens to their assets,their healthcare decisions, and their legacy.
From my seat at the table as a financial advisor, I’ve seenfirsthand how thoughtful estate planning can help ease emotional and financialstress during difficult times. I’ve also seen how the lack of a plan cancomplicate even the most straightforward financial situations.
At its core, estate planning is about clarity. It helps ensurethat a person’s wishes are known and legally documented. A will outlines howproperty should be distributed. Powers of attorney and healthcare directivesname trusted individuals to act when someone cannot speak or act forthemselves. A trust may be appropriate in some cases to help manage assets andavoid probate. These documents work together to help create a framework thatsupports decision-making when clarity matters most.
Clients sometimes delay these conversations. For some, itfeels too early. For others, the process feels overwhelming. But estateplanning is not a one-time event. It evolves with life stages, family changes,asset growth, and shifting priorities. What worked ten years ago may no longerreflect someone’s current intentions.
Communication also plays a key role. Families can be leftguessing when decisions are made in isolation. I often encourage clients toshare their estate plans with their children or trusted contacts, at least at ahigh level. Knowing who to call, where documents are kept, and what generalintentions exist can provide guidance during emotional and uncertain times.
Incapacity planning is another area that deserves attention.According to the Alzheimer’s Association, one in nine people age 65 and olderhas Alzheimer’s dementia1. That number increases with age. Withoutproper legal documents in place, loved ones may be left petitioning courts tomanage financial and healthcare.1
Estate planning is not a product I sell. It is a process I helpsupport. I work with clients estate attorneys to help make sure that thefinancial strategies we design align with my clients’ legal plans. The goal iscoordination, not complication.
For those who are unsure where to begin, a basic estate plantypically includes a will, durable power of attorney, healthcare directive, andbeneficiary review. In some cases, a trust may be added. These documents canusually be created in collaboration with an attorney licensed in the client’sstate.
What matters most is that people take steps while they stillhave full capacity and clarity. Estate planning is a proactive decision, not areactive one. It can help preserve not just assets, but also dignity,direction, and more peace of mind for both individuals and their families.
1https://www.alz.org/media/Documents/alzheimers-facts-and-figures.pdf
Read more articles by Paige Krause