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Retirement & Legacy

Protecting Your Legacy: An Honest Talk About Estate Planning

To protect your legacy, start with a plan. You don’t need to be wealthy to need one. In the first Cultural Coins Live episode, CHIP founder Dana Wilson leads an open conversation about estate planning with four pros. Nathan Moore, CFP®, CKA®, is with Agape Planning Partners. Keith R. Miles, Esq., is a certified elder law attorney in Georgia and North Carolina. Gloria García Cisneros is a Certified Financial Planner in Southern California. Shehara Wooten is a CFP®, author and founder of Your Story Financial.

Key takeaways

  • Everyone has an estate plan. If you don’t make one, your state’s default rules decide.
  • Estate planning covers your people and wishes, not just your money.
  • A power of attorney and a health care directive may matter even more than a will.
  • Do-it-yourself documents can backfire. Have a professional in your state review them.
  • Update your plan every three to five years, and fund any trust you create.

Why estate planning still feels taboo

Nathan has been in the business 24 years, but he never heard the term estate planning in the first half of his life. In many communities of color, he says, it’s tied to painful memories of losing a loved one, not to the joy of planning ahead. Gloria agrees. Our communities are rich in culture and legacy, and those stories are part of what we pass on, not just money.

Shehara shares how hard this is even for a financial planner. She watched siblings in her extended family fight because no one had a power of attorney. When she asked her own mom about her plans, the answer was, “We’re not talking about that right now.”

It’s not just for the wealthy

Keith hears it all the time: “I don’t need estate planning yet, I just need a will and a trust.” That is estate planning. It covers your property, but also your kids, your family and how you want things handled. As Nathan puts it, it’s about keeping your kids from fighting and making sure your jewelry goes to the niece who spent every Saturday with you.

Gloria puts it plainly. You already have an estate plan, either the one you create or the default your state imposes. Making your own is one of the most loving things you can do for the people you leave behind. Shehara shares a story of an aunt who said everything was set, but beneficiaries were missing. Her niece had to open probate in another state and sort through every belonging alone.

The documents that matter most

Keith, who focuses on elder law, says the power of attorney is often the most important document because it covers you while you’re still alive. Incapacity can come from an accident or illness at any age. In many states, the power of attorney and advance health care directive use standard forms. Still, he recommends having a professional explain your choices, because giving too much authority to the wrong person can lead to misuse.

Watch out for common do-it-yourself mistakes. Keith has seen parents leave everything to the oldest child and expect them to share. Others added a child to a bank account instead of naming a power of attorney, so that child got everything. State laws also vary widely, so a generic online form may not do what you think.

Choosing your people

Nathan finds the biggest hold-up isn’t fear of death. It’s fear of picking the wrong person. Families are more spread out, and people worry about one sibling having power over the others. Updating a beneficiary form may only take a few minutes. Deciding who to name takes much longer, so start the conversation early. A fiduciary advisor or attorney can help you think it through without an agenda of their own.

Price vs. cost

Nathan helps clients compare the price of an estate plan with the cost of not having one. Probate can take a year or more and come with its own fees. Gloria adds that the time your family waits is part of the cost too. Shehara encourages clients to picture their whole life story, including the last chapter, and then tackle one item every 90 days so it isn’t overwhelming.

Practical tips to protect your legacy

  • Get documents for your adult children. Once your child turns 18, a hospital may not share information with you without a power of attorney and health care directive.
  • Start early. Once someone shows signs of decline, options shrink and families may need a court guardianship.
  • Fund your trust. Gloria has seen trusts with nothing retitled into them, and one that was never notarized.
  • Use a personal email for finances. Shehara notes your family likely won’t be able to access your work email after you pass.
  • Review every three to five years. Life changes, and outdated plans are a common problem.

Estate planning works best when your attorney, financial planner and tax pro all talk to each other. Learn why on our page about building a financial team, and keep the conversation going with Money Strategies for Major Life Transitions.

Want more conversations like this? Watch more Cultural Coins episodes.

This article is for education only and isn’t legal or financial advice. Estate planning laws vary by state, so talk with a qualified attorney about your situation before making decisions.

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