Estate planning is one of those subjects many people know they should address, but it is easy to put off. You may think estate planning is only for wealthy families, older adults, or people who have complicated financial situations. Or perhaps you have a will somewhere in a filing cabinet and assume that means everything is taken care of.
But estate planning is about much more than deciding who receives your property after you die. It can also help determine who can make financial and medical decisions for you if you become incapacitated, how your family can help during a crisis, and how your wishes can be carried out when you are no longer able to speak for yourself.
On this episode of Your Money and the Law Radio Show, host Steve Waltar of Legacy Estate Planning is joined by attorneys Andrea Lee and Ryan Hovis for a four-part conversation about estate planning. Together, they explore what an estate plan really is, who needs one, when it should be updated, what it may cost, and the potential problems with trying to create one without professional guidance.
What Is an Estate Plan—and Why Is It About More Than Death?
One of the most important points made during the conversation is that estate planning isn’t simply about what happens after you die. Steve describes estate planning as a way of helping keep people out of court while they are alive and making sure their assets ultimately go to the people or organizations they choose. Andrea expands on that idea, explaining that estate planning creates tools that allow the people you choose to make decisions on your behalf if you become incapacitated.
Those tools can include wills, trusts, financial powers of attorney, health care-related documents and other planning strategies, depending on an individual’s circumstances. That distinction is especially important because a medical or financial crisis doesn’t necessarily wait until someone is elderly.
Andrea shares a deeply personal example involving her brother Christian. At 44, he was healthy and living his life when he suddenly became seriously ill and eventually fell into a coma. Because he did not have an estate plan in place, his family struggled to handle everyday financial and practical matters on his behalf. They couldn’t easily deal with his credit card, communicate with his insurance company about coverage, or pay his housing expenses.
The experience changed the way Andrea viewed estate planning. Her point was simple: you don’t have to be wealthy to need an estate plan. You need a plan because life can change unexpectedly.
Who Needs an Estate Plan?
The attorneys’ answer throughout the discussion is that estate planning is relevant to adults at many different stages of life.
A young adult may primarily need documents that allow a trusted person to help with medical or financial matters if an emergency occurs. As life changes—marriage, children, home ownership, changes in wealth, divorce, illness or other major circumstances—the appropriate estate planning strategy may change as well.
The larger lesson is that an estate plan shouldn’t necessarily be viewed as a one-time document you create and then forget about. It should reflect your current life, your family, your assets and your wishes.
The conversation also addresses a common misconception among younger married people: that a spouse automatically has every legal authority necessary to handle everything if the other spouse becomes incapacitated. Ryan describes talking with a married friend who believed that his wife could simply step in to manage his medical and financial affairs if he ended up in the hospital. The attorneys explain why having a spouse does not necessarily provide all the legal tools needed in an incapacity situation.
For families, this is an important reason to think about estate planning before a crisis occurs—not while you’re sitting in a hospital waiting room trying to figure out what documents you need.
Wills, Trusts, Powers of Attorney and Probate: Understanding the Tools
Another theme of the four-part discussion is that there isn’t necessarily one universal estate plan. Someone may assume, “I just need a will,” when their circumstances might call for additional planning. As the attorneys explain, determining what someone actually needs requires looking at the individual’s family, assets, goals and concerns.
A will can address important questions about what happens after death. A trust may be appropriate in some circumstances. Powers of attorney can provide authority for someone else to act when you cannot. Health care documents can help communicate who you want involved in medical decisions.
The attorneys also discuss what can happen when someone dies without an estate plan. In Washington, they explain, the state has a process called intestacy for people who die without a will. Probate involves court filings and obtaining authority to manage the deceased person’s affairs, including handling debts, collecting assets and eventually transferring property. The attorneys describe probate as a process that can take months and, in some circumstances, considerably longer.
The goal of planning, as they describe it, is not simply to create paperwork. It is to establish a coordinated plan that helps reduce the potential for conflict, chaos and court involvement.
How Much Does Estate Planning Cost—and Is DIY Estate Planning a Good Idea?
Cost is one of the most common reasons people hesitate to meet with an estate planning attorney. In the fourth part of the program, Steve and Andrea tackle the question directly: What does an estate plan cost, and can you simply create one yourself?
Steve points out that asking, “How much does a will cost?” is somewhat like asking how much a car costs. The answer depends on what you actually need. A person might need a straightforward will-based plan, a couple might need a more comprehensive plan, or someone might need a trust or other advanced planning.
The attorneys say Legacy Estate Planning generally uses flat fees so clients know the cost of their plan in advance. During the broadcast, they describe a general range of approximately $2,000 to $8,000 for estate plans, depending on the complexity and type of planning involved. They also note that a limited power-of-attorney matter would not necessarily cost thousands of dollars. These are figures discussed by the firm during the episode and should not be interpreted as a universal price for estate planning.
The conversation then turns to do-it-yourself estate planning. Andrea describes one of the fundamental problems with DIY planning as not knowing what you don’t know. Someone can see the obvious issues—the “top of the iceberg”—without realizing there may be additional legal and practical questions beneath the surface.
There’s another important concern: estate planning documents often matter most at precisely the moment when the person who created them may no longer be able to fix a mistake. That is why the attorneys recommend starting with a conversation about goals and circumstances rather than starting with a form.
What Happens at an Estate Planning Consultation?
For someone who has never met with an estate planning attorney, the process can feel intimidating. The attorneys describe their initial consultation as a conversation designed to understand the person before deciding what documents may be appropriate. They ask questions about the individual’s estate, goals, wishes and circumstances. From there, they can discuss possible approaches, including whether a will-based or trust-based plan makes sense. They also describe a five-step process that includes designing the plan, understanding the client’s assets, preparing the documents correctly, conducting a comprehensive review of how assets should be held or transferred, and completing the signing process.
Legacy Estate Planning is also a member of the American Academy of Estate Planning Attorneys. The attorneys explain that the organization provides access to a nationwide network of other estate planning attorneys, which can be useful when clients have property or legal issues in other states. Ultimately, the message of this four-part conversation is not that everyone needs the same documents. It is that everyone benefits from thinking ahead.
Estate planning gives you an opportunity to make important decisions while you are able to make them—rather than leaving your family to make difficult decisions in the middle of a crisis.
Watch the Full YouTube Conversation
The complete four-part conversation brings together practical information about wills, trusts, powers of attorney, incapacity planning, probate, estate planning costs and the risks of DIY planning.
Part 1: Why Estate Planning Matters: Meet the Attorneys Behind Legacy Estate Planning
Part 2: Who Needs an Estate Plan? Why It’s Not Just About Death
Part 3: When Should You Update Your Estate Plan? Life Changes That Matter
Part 4: How Much Does Estate Planning Cost? And Is DIY Estate Planning Safe?
Listen to the Full Apple Podcast Episode
Prefer to listen while driving, walking or working around the house? The four parts have been combined into one Apple Podcast episode of Your Money and the Law Radio Show.
Frequently Asked Questions About Estate Planning
Do I need an estate plan if I don’t have much money?
The attorneys featured in this episode emphasize that estate planning isn’t only about the size of your estate. Incapacity planning can be important even for someone without significant assets because you may need someone you trust to help with medical or financial matters.
Is a will the same thing as an estate plan?
Not necessarily. A will can be one component of an estate plan, but estate planning may also involve powers of attorney, health care documents, trusts and other tools depending on your circumstances.
Does being married mean my spouse can automatically handle everything for me?
The attorneys caution against making that assumption. Ryan specifically discusses the misconception that a spouse automatically has all the authority needed to manage another spouse’s medical and financial affairs during incapacity.
How often should I review my estate plan?
The conversation encourages people to revisit their plans as their lives change. Marriage, divorce, children, changes in assets, illness and other significant life events can all be reasons to determine whether an existing plan still reflects your wishes.
Should I create my own estate plan?
DIY forms may appear straightforward, but the attorneys interviewed for this episode emphasize that estate planning involves issues that may not be obvious to someone without experience. Their recommendation is to begin by understanding your goals and circumstances and then determine which planning tools fit your situation.
Estate planning is ultimately about more than documents. It’s about making thoughtful decisions before a crisis occurs—and giving the people you trust the tools they may need to help carry out those decisions.
