Creating a Legacy: Estate Planning for Future Generations
Do you want to secure your family and wealth for generations?
Estate planning is the most neglected (but most important) part of a good financial plan. It’s where most families win or lose in the long game of what happens to everything you own.
Without estate planning, your hard work can fall into the wrong hands.
Here are some alarming estate planning statistics to wake you up…
You can start your estate plan today for free, it’s easier than most people realize, and it can help or hurt your family for years to come.
Contents
What you’ll discover:
- Why Estate Planning Matters More Than Ever
- The 4 Core Documents Every Family Needs
- 5 Common Estate Planning Mistakes To Avoid
- A 3-Step Plan To Start Today
Why Estate Planning Matters More Than Ever
Did you know…
A shocking 2025 Caring.com report showed that just 24% of Americans have a will. Three out of four people have no plan for their estate.
Pause.
That’s right. Most families are literally leaving their future up to chance. Without the proper estate planning services, the courts decide who gets your home, money, and whether your children will have the family they need.
Working with an experienced estate planning attorney makes your family’s future secure and legally binding. Your family will know what to expect.
But why do so many people delay or skip this process?
The most common reason is the easiest: people just plain haven’t done it. Others assume that they are too young, or that they do not have enough assets to worry about.
Wrong on both accounts.
No matter how old you are or how many assets you have, everyone can benefit from estate planning. Even a modest estate plan can prevent your family from feuding over your possessions, saves your family from expensive legal bills, and prevent your heirs from becoming entangled in probate court.
A 2018 study conducted by LegalZoom even found that estate planning is the number one goal for financial advisors in 2025.
Your family and legacy are too important to ignore.
The 4 Core Documents Every Family Needs
An estate plan is not just a will. A proper estate plan consists of several legal documents that work together to make the financial aspects of your loved ones’ lives as seamless as possible.
- Last Will and Testament – The most basic part of an estate plan. Your will tells the court exactly how you want your estate divided. Your executor will handle the paperwork. A will also allows you to name guardians for your minor children.
- Living Trust – This estate planning tool can have many benefits that a will cannot provide. Assets in a living trust can avoid probate entirely. Probate is the public legal process that validates your will and ensures your assets are distributed. A trust means more privacy and speed for your family, and you also have more control over exactly how and when your beneficiaries receive their inheritance.
- Power of Attorney – A power of attorney gives someone you name the authority to make financial decisions on your behalf. If something happens to you and you do not have a power of attorney, your family may need to go to court to gain access to your accounts, even if they are named beneficiaries.
- Healthcare Directive – Also known as an advance directive, this estate planning document explains your wishes for healthcare in the event you cannot communicate or make decisions for yourself. It covers issues like resuscitation, medical support, and organ donation.
Simple enough, right?
5 Common Estate Planning Mistakes To Avoid
Even those who make the time and effort to plan an estate make serious errors. Here are the most common:
- Failure to update estate planning documents – Life happens. Marriages, divorces, births, deaths, and any number of life events can make your estate plan obsolete. It’s a good idea to review your entire estate plan at least every three to five years.
- Forgetting digital assets – Cryptocurrency, online accounts, and digital photos are all part of your estate. Don’t let your family spend years trying to gain access to them.
- Naming the wrong executor – The executor is the person who does all of the paperwork and makes sure your assets are distributed according to your wishes. Pick someone trustworthy, who is organized and who can make tough decisions.
- Failure to discuss estate plan with family – Shockingly, according to one set of data, only 46% of executors knew a will existed. Discuss your estate plan with your family and make sure they know where your documents are.
- DIY without proper help – Online templates are a good starting point for most families. But there are many aspects of estate planning that require professional guidance. Tax laws, business ownership, and complex family structures (such as blended families) can quickly make a DIY plan a bad plan.
A 3-Step Plan To Start Today
The good news? It’s not difficult to get started with estate planning.
Step 1: List all of your assets.
This means everything you own. Real estate, vehicles, bank accounts, retirement funds. Make sure you include life insurance policies, pensions, and any business interests or partial ownerships.
Step 2: List all of your beneficiaries.
Who should receive your assets if you were to pass away? If you have minor children, think about who should be their guardian.
Step 3: Get professional help.
An attorney will help you create an estate plan that minimizes taxes, avoids probate, and protects your assets from creditors. They can also help with beneficiary designations and filling out forms correctly.
Most families should have the following:
- A valid will naming their beneficiaries, an executor, and (if they have minor children) a guardian
- A living trust for those assets they wish to avoid probate
- Power of attorney for financial matters
- Healthcare directive for medical decisions
- Beneficiary designation forms for financial accounts
As you can see, it’s not hard to start. Estate planning is a one-time event that takes a few weeks if you have the right information and guidance.
Wrapping It Up
Estate planning is a process to protect your family and wealth for future generations. Estate planning is based on your family structure, financial situation, and your personal wishes. You can easily start your estate plan for free in as little as a few minutes. It’s easier than most people think, and most families can have everything completed in a few weeks. But the most important part of an estate plan is for you to work with the right professionals who understand the law and know how to properly structure your estate plan.
The statistics about Americans and estate plans are alarming. Don’t let your family become a statistic. Take action today, and your loved ones will thank you for it.
