Life is unexpected. Sometimes, despite your best efforts, curveballs can come hurdling your way. An estate plan helps protect you and your loved ones when life takes an unforeseen turn.
Many people think that having an estate plan is only for the ultra-wealthy, retirees, or people with complex assets. But the truth is, if you have loved ones, responsibilities, or assets you care about, you would likely benefit from having a plan in place.
Whether you’re just starting out or managing significant wealth, the right plan can bring confidence to your financial life and security to your future.
What is an estate plan?
An estate plan is a collection of legal documents that allows you to make decisions about your future. It aims to see that at your healthcare wishes, financial matters, legacy goals, and loved ones are taken care of, even if you are unable to be there.
If something unexpected happens, an estate plan can help you:
- Appoint guardians to care for your children
- Name caregivers to take care of your pets
- Designate a trusted person to make financial and healthcare decisions
- Determine how your assets, such as your house or business, will be distributed
- Provide directions for end-of-life care
- Avoid complications associated with probate court
- Minimize taxes
Without an estate plan in place, these decisions can fall into the hands of the courts or family members who might not be familiar with your intentions.
Do you need an estate plan?
Estate planning is a helpful tool for many people. It provides structure, protection, and peace of mind by outlining your wishes, so they are clearly communicated and legally recognized. No matter your age, relationship status, or net worth, having a plan in place helps safeguard that your voice is heard.
An estate plan can help:
- Parents of young children name an individual or couple to raise their child in case something unexpected happens. Without this in place, a court may decide who raises the children.
- Members of blended families clarify who inherits what.
- Single adults or unmarried partners determine who will make decisions for them in case they can’t. Without a proper plan in place, loved ones may not be able to step in to make those decisions.
- Aging adults communicate their healthcare and financial wishes.
- Small business owners lay the groundwork for their company to survive and thrive, even if they are unable to lead it.
Estate planning is about being intentional with your assets, your responsibilities, and the people you care about. It’s one of the most important steps you can take to protect your future and the future of those around you.
What’s in an estate plan?
A proper estate plan contains six different legal documents:
1. Will/trust
Who gets what? A will outlines how you’d like your property to be distributed after your death. It also allows you to name an “executor” to manage your assets. If you have dependents, a will is where you designate a guardian to take care of them in case you’re no longer able to.
When will they get it? A trust is a legal arrangement that allows you to control the distribution of assets after your death. You can include children and pets in your will and trust.
2. Living will
What kind of medical care do you want? A living will specifies what kind of end-of-life treatment you do or do not want if you are unable to communicate or make decisions for yourself. For example, you may include instructions about whether or not you would like life-sustaining treatment if there’s little chance of recovery.
3. Durable power of attorney
Who will make legal or financial decisions for you if you can’t? A durable power of attorney designates a trusted individual to make important decisions on your behalf if you become incapacitated. This can be a family member or close friend.
4. Healthcare power of attorney
Who will make healthcare decisions for you if you can’t? A healthcare power of attorney designates a trusted individual to make healthcare decisions on your behalf if you become incapacitated. This can be a family member or close friend.
5. Beneficiary designations
Who will receive your accounts? Beneficiary designations specify that accounts such as 401(k)s, IRAs, and life insurance policies go to the right people. It is important to name both primary and contingent beneficiaries in case the primary beneficiary is unavailable or has passed.
6. Letter of intent
What are your wishes? A letter of intent is a personal document that can offer additional context about your personal wishes, including funeral arrangements, heirlooms, or even pet care. Although this is not a legally binding document, it can help the court and your loved ones understand the reasoning behind your decisions better.
Estate plans are not simply “one and done.” After life events such as marriage, divorce, death, and birth, it is important to review your estate plan to verify that your wishes are current.
Don’t wait to start
It’s natural to want to avoid thinking about life’s “what-ifs,” but putting off estate planning can leave your loved ones vulnerable at the very moment they need clarity and support the most.
We’ve seen firsthand how a lack of planning can create real hardship: grieving families stuck in legal limbo, disagreements over medical decisions, and business partners left without direction. These situations are difficult enough without added confusion or conflict.
The good news? A thoughtful estate plan can help prevent all of that. It’s not just a legal necessity — it’s a powerful act of care. It’s about creating security and stability for you and the people you love.
We’re in this together.
We’re committed to helping you build a more secure future for yourself and those you care about most. As advisors, we’ve seen just how impactful estate planning can be for individuals and families. And as people, we’ve experienced the peace of mind it brings firsthand.
At Crux, we’re here to help you start the right conversations. Whether you already have a legal and tax team in place or need help building one, we’ll guide you through the process with clarity and care. We also offer access to a trusted network of estate planning professionals, so you’re never navigating it alone.
Your estate plan should reflect your values, your goals, and the legacy you want to leave behind. It doesn’t have to be complicated — it just has to be intentional. And we’re here to help guide you every step of the way.
Let’s start the conversation. We’re ready when you are.
