Protecting Your Legacy Through Estate Planning

Estate planning might sound intimidating or like something only the ultra-wealthy need, but that’s a myth. In reality, every adult should have an estate plan. If you’re in your 50s or beyond and haven’t addressed this yet, you’re not alone — but it’s never too late to get started.

With a few key documents like wills, trusts, powers of attorney, healthcare directives, and up-to-date beneficiary forms, you can ensure your wishes are honored and make life significantly easier for the people you care about.

Why Estate Planning Matters

Estate planning puts you in control of what happens if you pass away or become unable to make decisions. Without a plan, state laws determine how your assets are distributed and who handles your affairs.

With a solid estate plan:

• You choose who inherits what
• You decide who makes medical and financial decisions if you can’t
• You protect your loved ones from unnecessary legal stress and potential disputes

It’s not just about wealth. It’s about peace of mind for you and the people you love.

The Core Documents in an Estate Plan

1. Will

Your will spells out who gets your assets and who should carry out your wishes (your executor). You can also name guardians for minor children or pets.

Why it matters: Without a will, the state decides who inherits your estate, which may not reflect your wishes.

Tips:

• Update it after major life changes (marriage, divorce, new children or grandchildren, etc.)
• Keep it in a safe but accessible place
• Let your executor know where it is

2. Trust

A trust allows you to transfer assets to beneficiaries while potentially avoiding probate. You can also add rules like giving assets to children when they reach a certain age.

Why it matters: Trusts provide control, privacy, and faster access to assets than a will alone.

Tips:

• A revocable living trust is a popular option for many families
• Be sure to fund the trust — it doesn’t work unless you move assets into it
• Name a capable successor trustee to manage things after you

3. Powers of Attorney (POA)

These documents authorize someone to act on your behalf if you become incapacitated.

• Financial POA: Allows someone to manage your finances
• Healthcare POA: Allows someone to make medical decisions on your behalf

Why it matters: Without these, your family may need to go to court to make decisions for you.

Tips:

• Choose someone responsible and trustworthy
• Discuss your wishes in advance
• Keep a copy in a safe place and give one to your POA agents

4. Healthcare Directive (Living Will)

This document outlines your preferences for life—sustaining treatment if you’re unable to communicate.

Why it matters: It removes the burden of tough decisions from your family and ensures your wishes are known.

Tips:

• Be clear about your preferences (CPR, feeding tubes, etc.)
• Share it with your healthcare proxy and your doctor
• Keep it updated as your views or health change

5. Beneficiary Designations

Certain accounts — like IRAs, 401(k)s, and life insurance — bypass your will and go directly to your named beneficiaries.

Why it matters: These designations override your will. If they’re out of date, your assets might not go where you want them to.

Tips:

• Review your beneficiaries at least every few years or after major life changes
• Always name a primary and contingent beneficiary
• Never leave them blank

Common Mistakes to Avoid

• Not having a plan at all: Waiting until it’s too late can leave your family with a legal mess.
• Letting documents get outdated: Major life changes call for a plan review.
• Forgetting to update beneficiaries: An outdated beneficiary form can derail your entire plan.
• Choosing the wrong people: Be thoughtful and practical about who you assign key roles.
• Keeping everything a secret: Let the right people know where your documents are and what they say.

What to Do Next

Estate planning doesn’t have to be overwhelming. Start with the basics. Once your documents are in place, you can update them as your life evolves. A solid plan protects your family, preserves your wishes, and gives you peace of mind. 

• A complete estate plan includes at least 5 core documents—a will, trust, powers of attorney, healthcare directive, and beneficiary forms — that give you control and spare your family from costly delays or disputes.

• Update your plan after every major life change (marriage, divorce, children, grandchildren, relocation) and review beneficiary forms every 2–3 years to prevent outdated designations from overriding your will.

• Avoid the 4 common mistakes: having no plan, letting documents become outdated, naming the wrong people, or keeping everything a secret — each can undo the protection your plan is meant to provide.