Estate Planning Basics: Protecting What (and Who) MattersMost

Estate planning isn’t the most exciting part of retirement — but it’s one of the most important. A good estate plan isn’t just about documents or legal terms. It’s about clarity. It’s about making things easier for the people you care about. And it’s about ensuring that your wishes are carried out in a way that reflects your values.

Over the years, I’ve seen how much peace of mind a simple, well-organized plan can bring to retirees and their families. You don’t have to have a complicated estate to benefit. You just need a clear framework and the right pieces in place.

Below are a few basics to help you think through your own plan.

1. Start with the Core Documents

Most people need a few foundational items to make sure their wishes are honored:

• A Will – outlines how you want your assets distributed and names guardians for minor children
• A Trust (if appropriate) – can help manage assets during your lifetime and simplify the transition afterward
• Powers of Attorney – for someone to help manage financial or legal matters if you become unable to
• Healthcare Directives – to outline your preferences for medical care and name someone to speak on your behalf

These documents aren’t just for “complex” estates. They help minimize confusion and reduce the burden on loved ones.

2. Keep Beneficiary Designations Up to Date

This is one of the simplest — and most overlooked — parts of an estate plan.

Accounts like IRAs, 401(k)s, annuities, and life insurance policies transfer by beneficiary designation, not by your will.

It’s wise to check periodically that your:

• Primary and contingent beneficiaries are correct
• Spousal elections are up to date
• Trusts (if listed) are properly titled
• Older forms don’t conflict with your current intentions

A five-minute review can prevent years of complications down the road.

3. Understand How Assets Transfer

Different accounts and property follow different rules:

• Retirement accounts follow beneficiary forms
• Joint accounts often pass to the surviving owner
• Trust assets follow trust instructions
• Real estate may pass by deed, title, or state law depending on how it’s held

Understanding how your assets transfer can help you avoid unintended outcomes — like an account going to the wrong person simply because a form was never updated.

4. Coordinate Your Estate Plan With Your Financial Plan

Estate planning works best when it aligns with your broader retirement strategy.

This might include:

• Planning for surviving spouse income
• Considering light tax planning around inherited IRAs
• Understanding how RMDs affect estate values
• Clarifying charitable plans or legacy goals

This isn’t about maximizing wealth or minimizing taxes — it’s about aligning your resources with the people and purposes that matter most to you.

5. Talk With the People Who Need to Know

You don’t have to share every detail of your finances, but giving your loved ones some direction can ease stress during difficult times. Some retirees choose to share:

• Where important documents are kept
• Who their key professionals are (attorney, financial planner, CPA)
• Their general wishes for medical care or end-of-life decisions
• High-level intentions for inheritances or charitable gifts

Even a brief conversation can remove uncertainty later on.

6. Revisit Your Plan Every Few Years

Life changes — family, health, laws, and finances. An estate plan should change with it.

It’s a good idea to review your documents after major life events or simply every few years to make sure they still reflect your intentions.

Even small updates can make a meaningful difference for your loved ones.

Bringing It All Together

Estate planning isn’t just a legal exercise — it’s an act of care. It gives clarity to the people who matter most and ensures your wishes are carried out with as little stress as possible.

Planning ahead today can make a significant difference for the people you love tomorrow.

You can schedule a short Discovery Call with Stillwater Financial Planning if you’d like help organizing the financial side of your estate planning.

This is not an offer to buy or sell securities. No investment process is free of risk and there is no guarantee that the investment process described herein will be profitable. Investors may lose all of their investments. Past performance is not indicative of current or future performance and is not a guarantee.

Investment advice offered through IHT Wealth Management, a registered investment advisor