A Financial Advisor’s Perspective on Estate Planning

Estate planning is often misunderstood as something only the wealthy need to consider. In reality, it is a critical part of financial wellness 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 seen firsthand how thoughtful estate planning can help ease emotional and financial stress during difficult times. I’ve also seen how the lack of a plan can complicate even the most straightforward financial situations.

At its core, estate planning is about clarity. It helps ensure that a person’s wishes are known and legally documented. A will outlines how property should be distributed. Powers of attorney and healthcare directives name trusted individuals to act when someone cannot speak or act for themselves. A trust may be appropriate in some cases to help manage assets and avoid probate. These documents work together to help create a framework that supports decision-making when clarity matters most.

Clients sometimes delay these conversations. For some, it feels too early. For others, the process feels overwhelming. But estate planning 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 longer reflect someone’s current intentions.

Communication also plays a key role. Families can be left guessing when decisions are made in isolation. I often encourage clients to share their estate plans with their children or trusted contacts, at least at a high level. Knowing who to call, where documents are kept, and what general intentions 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 older has Alzheimer’s dementia1. That number increases with age. Without proper legal documents in place, loved ones may be left petitioning courts to manage financial and healthcare.1

Estate planning is not a product I sell. It is a process I help support. I work with clients estate attorneys to help make sure that the financial strategies we design align with my clients’ legal plans. The goal is coordination, not complication.

For those who are unsure where to begin, a basic estate plan typically includes a will, durable power of attorney, healthcare directive, and beneficiary review. In some cases, a trust may be added. These documents can usually be created in collaboration with an attorney licensed in the client’s state.

What matters most is that people take steps while they still have full capacity and clarity. Estate planning is a proactive decision, not a reactive one. It can help preserve not just assets, but also dignity, direction, and more peace of mind for both individuals and their families.

1 https://www.alz.org/media/Documents/alzheimers-facts-and-figures.pdf