20 Nov Estate Planing Basics: Getting the Essentials Right for Your Family’s Future
Estate planning is one of the most important and most misunderstood aspects of financial stewardship. In Episode 5 of the StoryLens Podcast, StoryOne partners John Christensen, Cameron Bond, and Kenny Conklin begin a new series on estate planning by unpacking what it really means, why everyone needs a plan and how the right documents can protect families for generations.
Below are the key themes and questions families often ask.
What is estate planning?
Estate planning is the process of giving clear instructions for how everything you own or control should be managed during your life, during any period when you cannot act for yourself and after your death. Your estate includes all assets, property rights and financial interests, minus any debts or liabilities.
Your estate plan instructs your fiduciaries on how to manage and distribute your assets, and it empowers your healthcare agent to make medical decisions for you. In estate planning, the stewardship goal is to align your plan with your values and protect your loved ones and assets.
What documents are included in a complete estate plan?
A strong plan usually includes four core documents:
Last Will and Testament. States who inherits your assets, who manages your estate after you die, and who is to serve as guardian of your minor children.
Revocable Trust. Lets you manage and control your assets during life and pass them to others privately and efficiently at death without the probate court.
General Durable Power of Attorney. Appoints someone you trust to handle your financial matters if you cannot and gives your agent access to your individually owned accounts.
Advance Healthcare Directive and Healthcare Power of Attorney. Express your medical and end of life wishes and name the person who will make healthcare decisions on your behalf.
These documents may sit quietly for years until the moment they become essential.
Do I need a will or a trust?
A will based plan can work for simple estates, but it requires precise titling of assets and diligent maintenance of beneficiary designations.
A trust based plan provides more robust controls, contingencies, privacy, and protection for future generations. A trust based plan is preferred for most families and is likely crucial for those with significant wealth, blended families, special needs family members, minor children, business ownership, complex balance sheets, financially irresponsible beneficiaries, beneficiaries with drug or substance abuse issues or other complex or sensitive distribution considerations.
What happens if someone dies without a will?
If you die without a will, state law determines to whom your assets pass. This is called intestate succession. Assets subject to your Last Will and Testament or intestate succession must go through probate. Probate often takes longer, costs more and may not reflect your wishes.
How does probate work, and how can I avoid it?
Probate is required for any assets that pass through your will or by intestate succession. Avoiding probate allows your assets to transfer privately and efficiently. A trust based plan is the most effective way to do this.
Why is a power of attorney so important?
You are more likely to become incapacitated than to die prematurely. If you do not have a General Durable Power of Attorney or Healthcare Power of Attorney, a court appointed conservator and guardian must be appointed to act for you. These processes are very time consuming and expensive.
A General Durable Power of Attorney allows your agent to access and manage your individually owned accounts and make decisions in your best interest. A Healthcare Power of Attorney allows your agent to make healthcare and end of life decisions for you.
What advanced tools might be used in an estate plan?
Depending on your needs, your plan may include additional structures such as charitable remainder trusts, charitable lead trusts, grantor retained annuity trusts, family limited partnerships, spousal lifetime access trusts, irrevocable life insurance trusts, intentionally defective grantor trusts, qualified personal residence trusts, dynasty trusts, donor advised funds, private foundations or public charities.
Why do families include charitable giving in estate planning?
Many families incorporate charitable giving into their estate plan to support ministries, charities and nonprofits they care about. A well crafted plan will also maximize the tax advantages of these gifts.
What does it mean to bring a stewardship mindset to estate planning?
Estate planning is an act of love. It is a way to care for your family, your business and the causes you value. Stewardship prepares loved ones to receive what you leave behind and strengthens your intention to align your plan with your values. True wealth is measured not only in what you leave but in how you prepare those you love to receive it.
Key Takeaways
- Estate planning gives clear instructions for how your assets are managed during life, during incapacity and after death.
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- Your estate includes everything you own or control minus your debts and liabilities.
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- A complete plan includes a Last Will and Testament, a Revocable Trust, a General Durable Power of Attorney and healthcare documents.
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- A trust based plan offers more privacy, protection and flexibility than a will based plan and is preferred for most families.
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- Dying without a will triggers intestate succession, which lets state law decide who receives your assets.
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- Probate is often slower and more costly than trust administration and may not reflect your wishes.
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- You are more likely to become incapacitated than to die prematurely, which makes powers of attorney essential.
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- Without power of attorney documents, a court must appoint a conservator and guardian to act on your behalf.
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- Advanced tools like SLATs, ILITs, QPRTs, CRUTs and other trusts can complement the core plan when needed.
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- Many families include charitable giving in their estate plan to support ministries and nonprofits while maximizing tax advantages.
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- Estate planning is an act of love that protects your loved ones and prepares them to receive and steward your legacy well.
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