Let’s be real—nobody likes thinking about what happens after they’re gone. It’s uncomfortable, sometimes overwhelming, and often avoided like that mystery Tupperware in the back of the fridge. But here’s the thing: estate planning isn’t just for the ultra-rich or
people knocking on retirement’s door. It’s for everyone—yes, even you.
At Harrah and Campbell, we’ve helped people from all walks of life get their affairs in order, and we can tell you firsthand: a solid estate plan saves your family a whole lot of stress (and potentially a lot of money). So, let’s break it down, without the legal mumbo jumbo, and talk about the practical steps you can take right now to get your estate in order.
1. Start with the Basics—A Will Is a Must
A will is your way of saying, “Here’s who gets what, and here’s who’s in charge of making sure it happens.” Without one, your assets (big or small) could be tied up in court for months or even years while the state decides what to do.
A few key things to think about when drafting your will:
· Who will inherit your assets? (Kids, spouse, favorite niece, beloved dog?)
· Who will oversee carrying out your wishes? (This is your executor.)
· If you have minor children, who will take care of them if something happens to you?
Pro tip: Don’t just assume your family knows what you want. A will makes it official.
2. The Power of Power of Attorney
Estate planning isn’t just about what happens after you’re gone—it’s also about protecting yourself while you’re still here. A Power of Attorney (POA) lets you designate someone to make financial and legal decisions for you if you’re unable to do so.
Imagine this: You’re in a serious car accident, and you’re unable to pay bills or make medical decisions. Without a POA in place, your loved ones might have to jump through legal hoops just to handle your everyday affairs. Having the right documents ensures someone you trust is in charge.
3. Healthcare Directives: Your Wishes, in Writing
A Healthcare Directive (or Living Will) spells out your medical wishes if you can’t communicate them yourself. This covers things like life support, resuscitation, and organ donation.
Without a clear directive, your family might be left making impossible decisions during an already emotional time. A healthcare proxy (someone you appoint to make medical decisions for you) can also be named in this document.
Trust us—this one is a gift to your loved ones.
4. Don’t Forget About Beneficiary Designations
You might already have more of an estate plan than you realize! Life insurance policies, retirement accounts (401(k)s, IRAs), and even some bank accounts allow you to name beneficiaries. These assets pass directly to the named person, bypassing your will and probate.
· Check and update your beneficiaries regularly. A lot can change in life—divorces, marriages, births, or just a change in who you trust. Make sure your assets are going where you want them to.
5. Consider a Trust (No, It’s Not Just for the Wealthy!)
If you want to keep things simple and avoid probate (the long, often expensive court process of distributing your estate), you might want to set up a revocable living trust. It allows you to manage your assets during your lifetime and seamlessly pass them to your heirs when you’re gone.
A trust can also:
· Protect minor children or special needs dependents
· Prevent family disputes (a little structure never hurts)
· Keep your financial matters private (wills become public record, trusts do not)
If you own property, have significant assets, or just want a streamlined plan, a trust might be the way to go.
6. Organize Your Documents (and Tell Someone Where to Find Them!)
Having an estate plan is great, but it’s useless if no one knows where to find it. Keep copies of your will, POAs, healthcare directives, and financial documents in a safe place—like a fireproof safe or with your attorney.
Make sure at least one trusted person knows where to find them when needed.
7. Review and Update Your Plan Regularly
Life changes—marriage, kids, grandkids, new assets, a sudden windfall from your long-lost great-uncle (hey, we can dream). It’s important to review your estate plan every few years to make sure it still fits your needs.
A good rule of thumb: Every time there’s a major life event, check your plan!
Final Thoughts: Peace of Mind Is Priceless
Estate planning isn’t about being morbid—it’s about taking care of the people you love and making things as easy as possible for them when the time comes. The process doesn’t have to be complicated, and with the right guidance, it can even be empowering.
At Harrah and Campbell, we make estate planning as painless as possible. If you’re ready to get started, give us a call—we’d love to help.
Because the best time to start estate planning? Yesterday. The second-best time? Right now.
