John E. Chapman
Chief Executive Officer
When most people think about estate planning, they picture a will, a list of beneficiaries, and a plan for “where everything goes”, in particular, the money. But a truly thoughtful estate plan goes far beyond dividing assets. It’s one of the most personal and powerful ways to care for the people you love, providing clarity during life’s most difficult moments.
Yet, many Americans avoid the topic altogether. A 2023 Caring.com survey (Caring.com) found that two-thirds of adults don’t have an estate plan, including over half of those aged 55 and older. Often, it’s not because they don’t think it’s important, but it’s because the conversation feels uncomfortable. Talking about death, family dynamics, or health decisions isn’t easy. Avoiding these conversations altogether can leave your loved ones with confusion, conflict, and unnecessary stress.
A comprehensive estate plan does more than answer the question “Who gets my stuff?”; it protects your voice when you’re unable to speak and relieves your family from having to make hard decisions without guidance.
Women, in particular, should take note. According to the CDC, women outlive men by nearly six years (CDC.gov). This means women are more likely to serve as caregivers, medical decision-makers, and eventually, executors of estates. Making time to review documents, name backups, and communicate plans can help provide peace of mind during a difficult life transition.
An estate plan isn’t just about having documents; it’s also about updating them thoughtfully and making sure the right people are informed. This includes:
- A durable power of attorney to manage finances if you’re incapacitated
- A healthcare directive outlining your medical preferences
- Clear, up-to-date beneficiary designations
- A trusted, capable executor, someone who understands your values and is willing to carry out your wishes
Choosing an executor is more than a legal checkbox; it’s a personal decision. The person selected as a family’s executor will be responsible for settling your estate, managing financial details, and often, navigating family emotions. Many people choose a trusted family member as their estate executor. Sensitive family dynamics or complex estates may suggest that your family should involve a neutral third party, such as a corporate trustee or bank officer. Have you had a conversation with your chosen executor? Do they know your wishes and where to find your documents?
Beyond the legal work, estate planning is a chance to define your legacy. That could mean supporting a cause, writing a letter to your children, or simply making things easier for your spouse or siblings. As Warren Buffett once said, “Someone is sitting in the shade today because someone planted a tree a long time ago.”
Estate planning is planting that tree for your family; it is an act of foresight, love, and responsibility.
If your plan is outdated or still on your to-do list, consider this your sign. Your loved ones deserve more than guesswork. They deserve a plan built on clarity, compassion, and intention.
Sources:
https://www.caring.com/resources/2023-wills-survey
https://www.cdc.gov/nchs/fastats/life-expectancy.htm
If you have any questions on estate planning or your personal estate plan, please reach out to your Clearwater Capital advisor.
For informational purposes only. Nothing herein is intended to provide legal advice. Please consult your legal representation for specific guidance.
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