Brightside Financial

Protecting Your Legacy: Why Estate Planning is Important

Estate planning might seem like a concern for the distant future or something only the wealthy need to consider. However, regardless of your age or economic status, estate planning is crucial in managing your assets and ensuring your family’s future is secure. This comprehensive guide will outline why estate planning is essential and how it can protect your loved ones.

What is Estate Planning?

Estate planning is the centerpiece of your financial plan. By placing your estate into a trust, you get to make decisions about how your estate will be divided when you aren’t here anymore. Failure to have a comprehensive estate plan means your family will be subject to hiring an attorney (which is expensive) and go to probate court (which also charges fees and is expensive). We’ve all heard the nightmare stories from friends or on social media that probate court costs were excessive and there wasn’t much left to be transferred to loved ones. Estate planning is also about selecting who will care for your child(ren) (if you have minor or disabled adult child(ren) that rely on you for financial support. By not designating a guardian, you run the risk that the courts may appoint someone that you would not approve of.

Who is Estate Planning For?

  1. Parents with Minor Children or Dependents: Designate guardians for your child(ren) and/or disabled adult child(ren), ensuring their well-being in the event of both parents’ deaths.
  2. Homeowners and Property Owners: Direct how your assets will be managed or distributed after death.
  3. Married Couples: Ensure your spouse is provided for and specify asset division, especially in blended family situations.
  4. Older Adults: Manage affairs in case of incapacitation and direct the distribution of assets.
  5. Business Owners: Address succession planning for business continuity.
  6. Individuals with Specific Medical Wishes: Document preferences about end-of-life care or organ donation.
  7. Anyone with Privacy Concerns: Keep your affairs private by avoiding probate, a public process.
  8. People with Complicated Family Situations: Clearly delineate asset distribution in complex family dynamics.
  9. Individuals with Investments and Retirement Accounts: Ensure tax-efficient transfer of investments and retirement accounts.

Why Estate Planning is Important

1. Protecting Beneficiaries: Even individuals with a modest estate should have a plan to protect beneficiaries. Without a will, the state will control how assets are divided after death, potentially conflicting with your wishes.

2. Protecting Young Children: Estate planning allows you to name guardians for your children, avoiding court decisions in the event both parents pass away.

3. Eliminating Family Messes: A well-structured estate plan eliminates guesswork, preventing family disputes and ensuring a smooth transition of your legacy.

4. Minimizing Taxes: Reduce inheritance taxes with a well-structured estate plan, preserving more of your wealth for your heirs.

5. Avoiding Probate: Avoid the lengthy, public, and costly probate process with a thoughtful estate plan.

6. Incapacity Planning: Plan for the possibility of incapacity by appointing someone you trust to make financial and healthcare decisions on your behalf.

Key Components of Estate Planning

  • Will
  • Trust
  • Power of Attorney
  • Healthcare Power of Attorney
  • Beneficiary Designations
  • Guardianship Designations

Steps to Start Estate Planning

  1. Take Inventory: List all assets, including properties, investment accounts, retirement savings, insurance policies, and valuable items.
  2. Define Your Objectives: Consider what you want to achieve with your assets, who you want to provide for, and how you want your legacy to continue.
  3. Contact Brightside Financial: Our way is convenient. Estate Planning doesn’t have to be expensive or difficult, but it does need to contain certain tried and true wording. The software we use is acknowledged as the #1 choice for comprehensive estate planning when working with a financial professional.
  4. Keep Updating: With our software, you own the subscription and can make changes to your beneficiaries and Power of Attorneys as many times as you want while you are alive and not incapacitated. No need to pay an attorney an hourly fee!
  5. Communicate with Your Family: Discuss your estate plan with your family to prevent disputes and ensure everyone understands your intentions.


Creating an estate plan is the ultimate act of love and responsibility. It’s about taking control, ensuring your assets are transferred according to your desires, caring for your loved ones, and creating a legacy that can support your family for generations to come.

So why don’t most people have an Estate Plan? Because they are afraid it will cost too much, it’s inconvenient to work with an attorney and nobody has offered them an alternative, and much less expensive way to have it done. Nobody wakes up in the morning and decides they want to work on their Estate Plan. Can you think of any reason you would not want to have an Estate Plan? The perfect time is now, and it begins with understanding that estate planning is an essential component of a well-rounded financial strategy—one that can make a world of difference in your family’s future. You don’t have a financial strategy? All the more reason to contact Brightside Financial today!

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