There is a myth, which has been perpetuated by TV and the media in general, that planning your will, or estate, is going to be filled with drama, will readings, and family disputes.
While the latter may happen, it is not always the case, and as long as you have everything in writing and keep it up to date, matters should be settled easily. If you want to get your affairs in order or simply want to create a will following a life event, it can be done without excess stress.
Write a Will
A will that has been well-crafted and written by an expert in estate planning will help to create an easy transition for your family. If you don’t have a will, then the drama mentioned in the intro will ensue and can cause immense turmoil for your family. Aim to make sure that the will outlines assets, any guardianship plans for children, as well as whether you want a set amount of your estate left to charity. It is also worth making sure that the will is kept in both a digital and physical format, to ensure that it doesn’t get lost.
Organise and Consolidate Finances
Speaking of documents getting lost, you will want to make sure that all of your deeds and financial statements are in a set location, as the last thing your family needs is scattered documents. Provide this location to a trusted individual and, if possible, alert your estate planner too. This will keep familial stress low during a difficult time and will ensure that everything is settled easily.
Designate Beneficiaries and an Executor
If you have retirement funds or payable-on-death accounts, like insurance, you should have named beneficiaries.
This will help prevent tension (hopefully) among your family should you pass suddenly, and will give you peace of mind that your money is going where you want it to go. Also, be sure to sign an executor, who will be legally bound to ensure that your money and assets go where you want them to when you pass.
Assign Powers of Attorney
Unexpected incapacity can be a massive hit to people with poor health, or for those who are older, as it can knock any financial or healthcare decisions off the rails. So, it is worth assigning power of attorney to a friend or family member who you know has your best interests at heart. This will give them the authority to act on your behalf if you are unable and will reduce stress on your family.
If you have a history of illness in your family, such as dementia, Parkinson’s, or Huntington’s Chorea, then it may be worth talking about setting up a living will, which can help alleviate stress in this area.
Plan For Estate Taxes
In the US, as of 2025, the federal estate tax applies to estates that are worth over $13.99 million. However, some states do impose lower tax thresholds. This doesn’t have to be an enormous issue for your family, as you can utilise gifting or trust strategies to reduce tax burdens. When you work with an estate planner, they can help you to maximise exemptions by reducing these tax burdens and ensuring that your family gets as much money as possible.
Remember, the core of this is planning. As soon as you feel able, contact an estate planner to help you sort out your finances and try to have a list of beneficiaries, the executor, and so on drawn up to save time.
