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  • Writer's pictureKyle Rolek, Retirement Planning Specialist

Estate Planning: Securing Assets and Protecting Loved Ones

Updated: Feb 14

Estate planning is a crucial step in securing your assets and ensuring the well-being of your loved ones after you're no longer around.

It involves making important decisions about how your estate will be managed, distributed, and protected.

While the concept of estate planning may seem complex and overwhelming, understanding the basics can help you navigate this process with confidence.

In this article, we'll cover the fundamental elements of estate planning and provide you with a roadmap to get started on protecting your legacy.

Understand the Importance of Estate Planning:

Estate planning is not limited to the wealthy or elderly.

It is a prudent step for individuals of all ages and financial backgrounds.

By engaging in estate planning, you gain control over the distribution of your assets, ensure your family's financial security, minimize tax liabilities, and avoid potential disputes among beneficiaries.

1. Create a Will:

Establishing a will is typically one of the first steps of estate planning.

It is a legal document that outlines your wishes regarding asset distribution, appoints guardians for minor children, and designates an executor to carry out your instructions.

Without a will, the state's intestacy laws will determine how your estate is distributed, which may not align with your desires.

2. Appoint a Power of Attorney:

A power of attorney (POA) grants someone the authority to act on your behalf if you become incapacitated or unable to make decisions.

There are two types of POAs typically established: financial and healthcare.

A financial POA allows the designated individual to manage your financial affairs.

A healthcare POA, also called a health care proxy, empowers them to make medical decisions according to your wishes.

You may choose to name one or more than one individual as power of attorney.

While having more than one POA seems reasonable if you have more than one child, many estate attorneys advise against this to prevent conflicts from arising if multiple POAs have conflicting wishes.

Instead, establishing one POA for financial issues and one POA for healthcare issues can provide more clarity later on and reduce the risk of future conflicts.

3. Establish a Living Will or Healthcare Directive:

A living will, also known as an advance healthcare directive, expresses your preferences for medical treatment in case you are unable to communicate your wishes.

It outlines your desires regarding life-sustaining treatments, resuscitation, and end-of-life care.

Creating a living will ensures that your healthcare decisions align with your values and relieves the burden of decision-making from your loved ones during challenging times.

4. Consider Trusts:

Trusts are versatile tools that provide a range of benefits, including asset protection, privacy, and control over distribution.

They allow you to transfer assets to a separate legal entity managed by a trustee for the benefit of your beneficiaries.

Trusts can help minimize estate taxes, avoid probate, and provide for the long-term financial stability of your loved ones, particularly in situations involving minor children, individuals with special needs, or spendthrift beneficiaries.

Revocable trusts are relatively simple to setup and are very flexible, but do not protect assets from potential future long-term care costs and estate taxes.

Irrevocable trusts are more complex and costly to establish and are far less flexible, but do have the potential to protect assets from potential future long-term care costs and estate taxes.

An estate attorney working in collaboration with a retirement planning specialist can create a balanced approach to protect assets while also retaining liquidity to enjoy live in retirement.

5. Review Beneficiary Designations:

Many assets, such as life insurance policies, retirement accounts, and investment accounts, require you to designate beneficiaries.

Regularly review these designations to ensure they reflect your current wishes.

Failure to update beneficiaries can lead to unintended consequences, such as an ex-spouse inheriting assets or assets passing through the probate process unnecessarily.

Note that beneficiary designations generally take precedence over what's written in a will, so it's particularly important to make sure beneficiaries are setup as intended.

6. Consult with Specialists:

Estate planning involves navigating complex legal and financial matters, so it is advisable to seek guidance from professionals.

An estate planning attorney can assist you in drafting legal documents, understanding tax implications, and ensuring your wishes are accurately reflected.

Additionally, consulting with a retirement planning specialist will provide insight to balance your estate planning preferences with your desire to live well and enjoy life during retirement.

For example, want to protect assets from potential future long-term care costs? An attorney might suggest either outright gifts to individuals or gifting assets into an irrevocable trust.

While these techniques certainly have the potential to protect assets from long-term care costs, it also means giving up control of the money now and consequently having less funds available to enjoy your retirement.

An estate attorney and retirement planning specialist working in tandem can craft a comprehensive plan with appropriate balance between long-term asset protection goals and keeping funds liquid and accessible so you can live well in retirement.


Estate planning is a proactive and responsible approach to safeguarding your assets and providing for your loved ones.

By familiarizing yourself with the basics, creating a will, establishing powers of attorney, considering trusts, and reviewing beneficiary designations, you can take control of your estate's future.

Estate planning is an ongoing process, and it is essential to review and update your plan periodically to reflect any changes in your circumstances.

Crafting a comprehensive plan that balances estate planning objectives with living well in retirement is well within the scope of work of a comprehensive retirement planning specialist.

Want To Discuss This Individually?

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This is article is for informational purposes only and should not be considered as tax or legal advice. Advice is only provided after entering into an Advisory Agreement with the Advisor. See other disclosure here: Disclosures

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