While estate planning is commonly associated with aging, wealth, or a health crisis, proactive planning can help you maintain control and provide peace of mind at every stage of life.
Estate planning can help you protect what matters most—whether you’re growing a business, raising a family, caring for aging parents, or experiencing major life changes like marriage, divorce, retirement, or the loss of a loved one.
Estate Planning is for Everyone
Estate planning isn’t just for millionaires or those nearing retirement. Some of the people who benefit most are those actively building and managing the complexities of life and wealth.
Successful families often rely on estate planning as a strategy to preserve their wealth, minimize taxes, and ensure loved ones are supported with well-defined plans that reflect their values and goals.
Small business owners utilize estate planning strategies to create a straightforward plan for succession, helping protect the future of their business if they retire, pass away, or become incapacitated.
Those navigating major life transitions—newlyweds, divorcees, new parents, caregivers, or those facing serious illness or loss—can also benefit from establishing a well-thought-out estate plan that adapts to their changing needs and responsibilities.
With an estate plan in place, you have a framework to manage change, protect your family, and make informed decisions—even as life evolves around you.
What’s Included in an Estate Plan?
A comprehensive estate plan often includes:
- Beneficiary designations for things like retirement accounts, life insurance, and investment accounts
- Business succession plans for owners who want to ensure continuity and legacy
- Healthcare directives clearly defining your medical wishes
- Powers of attorney, designating someone you trust to handle your finances if you are unable
- Trusts for tax savings, asset protection, and managing wealth for minors or beneficiaries with special needs
- A will to direct how your assets will be distributed
Each of these elements works together to protect what’s important to you and your family, minimize uncertainty, and provide greater control over your future and the legacy you plan to leave behind.
Common Mistakes to Avoid
Even with the best intentions, you can still make mistakes when it comes to estate planning. Here are some pitfalls to watch out for:
Failing to update your plan after major life changes (e.g., marriage, divorce, a new child, starting a business) can result in outdated instructions that no longer reflect your wishes or circumstances.
Relying on do-it-yourself legal documents may lead to gaps in coverage or inconsistences with state laws, potentially making parts of your estate plan unenforceable or incomplete.
Overlooking tax implications or failing to plan for long-term care can significantly reduce the value of your estate and place unexpected financial burdens on your family or loved ones.
Keeping your plan a secret from family or loved ones may create confusion, misunderstandings, or even legal disputes during an already emotionally challenging time.
With greater awareness and regular plan reviews, you can avoid unnecessary complications and help ensure your wishes are carried out effectively, and according to your intentions.
Unexpected Benefits of Estate Planning
Estate planning is about more than dividing assets. It’s a thoughtful approach to supporting your loved ones while honoring your personal values.
A well-crafted plan can help reduce stress and guesswork for your family during challenging times and prevent conflicts among heirs or business partners. It can also help protect a child or relative with special needs by thoroughly detailing their long-term care, financial support, and decision-making arrangements.
Lastly, your plan can help ensure your wishes are honored if you can’t speak for yourself.
Getting Started
The best time to start your estate plan is before you think you need it.
Some questions to think about:
- Who do I trust to make decisions on my behalf?
- What would happen to my family, my business, or my assets if something happened to be tomorrow?
- Have I clearly communicated my wishes?
Whether you’re starting from scratch or updating an existing plan, working with a trusted team to help you through the process is beneficial. Axis Wealth Partners collaborates closely with your other financial professionals, including your CPA and estate attorney, to ensure a comprehensive and coordinated approach.
The next steps include scheduling a consultation, reviewing your current documents, and starting a conversation with your family and loved ones.
Commentary provided in collaboration with Symmetry Partners, LLC. Symmetry Partners and Axis Wealth Partners are unaffiliated entities. Symmetry Partners is an investment advisory firm registered with the Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Investing in securities involves risks, including the potential for loss of principal. There is no guarantee that any investment plan or strategy will be successful. Content is provided for informational purposes only and is not advice. Neither Symmetry partners nor Axis Wealth Partners provides tax or legal advice. Discuss all strategies mentioned with a qualified professional prior to implementation.