The Estate Planning Basics Everyone Should Have
The Estate Planning Basics Everyone Should Have
The word “estate” might conjure up the image of a giant mansion on 10 acres of land. Estate planning is only for the kind of people who live there, right? Of course not. Estate planning ultimately comes down to you controlling what happens to you and your money. Whether that’s a few hundred thousand dollars or 50 million, it should be controlled either way.
At its core, estate planning is about making sure your wishes are followed, your loved ones are taken care of, and that no one is left guessing during an already stressful time. It’s also about making sure your money doesn’t wind up in the hands of those you don’t want to ever have it (the ex-spouse of one of your children, for example).
The good news is you don’t need anything overly complex to get started. There are a handful of foundational documents that just about everyone should have in place.
Let’s walk through them.
The Last Will and Testament
If you don’t have a will, the state has one for you—and you probably won’t like it.
A Last Will and Testament is the document that outlines where your assets go when you pass away. Who gets what, who’s in charge of handling things, and, if you have children, who would step in as their guardian. Without a will, your estate goes through what’s called intestate succession, which is just a formal way of saying the state decides how everything gets distributed based on a predefined formula.
That formula doesn’t know your family dynamics, your intentions, or your priorities.
A will gives you a voice in that process. It’s also where you name an executor—the person responsible for carrying out your wishes.
Choosing the right person here matters more than people realize. It should be someone organized, responsible, and able to handle both logistical and emotional situations.
The Financial Power of Attorney
Estate Planning isn’t just about death. It’s also about what happens if you’re still alive, but unable to make decisions. A Financial Power of Attorney allows you to appoint someone to step in and manage your financial life if you’re incapacitated.
Paying your bills, managing investments, dealing with insurance companies, filing taxes—basically everything that keeps your financial world running. Without this document, your family may have to go to court to get permission to act on your behalf. That process can be time-consuming, expensive, and stressful at exactly the wrong time.
With it, you’ve already decided who you trust to step in.
The Medical Power of Attorney
This one is just as important, if not more so.
A Medical Power of Attorney (sometimes called a healthcare proxy) allows you to name someone to make medical decisions on your behalf if you’re unable to do so.
Doctors will look to this person for guidance on treatment decisions, procedures, and care plans.
This isn’t just about extreme situations—it can come into play more often than people think. Accidents happen. Unexpected health issues arise. Having someone you trust clearly designated can make an incredibly difficult situation a little more manageable for everyone involved.
The Living Will
While a Medical Power of Attorney names who makes decisions, a Living Will helps guide what those decisions should be.
There have been highly publicized cases of people in a vegetative state for years, while their loved ones battled in court over whether or not they would actually want to be on life support in such a state. Many people had a say in the matter: Their spouse, their parents, the courts… but not them.
Their voice wasn’t heard in the matter because it was too late. If they had a living will, they would have had control over their own life.
A Living Will outlines your preferences around end-of-life care. Things like life support, resuscitation, and other medical interventions.
It answers questions like:
“If there’s little chance of recovery, what kind of care would I want—or not want?” If you’re a Seinfeld fan, think of the episode where Kramer and Elaine and deciding which scenarios Kramer would want to be kept alive in, and which he would “just want out”.
Why This Matters More Than You Think
Most people assume estate planning is about large estates, complex trusts, and minimizing taxes. And yes, those things can absolutely come into play—especially for higher net worth individuals.
But these foundational documents? They’re for everyone.
Whether you’re 35 or 65, whether you have $50,000 or $25 million, the reality is the same: life is unpredictable. Having these documents in place isn’t about expecting the worst—it’s about being prepared for it, so the people you care about aren’t left dealing with unnecessary complications.
Getting Started Doesn’t Have to Be Complicated
You don’t need a 50-page trust document to begin. You don’t need to overthink it.
Start with the basics:
A will
Financial power of attorney
Medical power of attorney
Living will
From there, you can build as needed—especially if your situation calls for more advanced planning, like revocable or irrevocable trusts.
Do you know you need to get started but don’t know where to start? We can help guide you every step of the way.
Give our office a call or a text at (720) 826-1092.
Everest Wealth Advisors is a wealth advisory firm that helps individuals, families, and business’s navigate complex financial decisions through personalized, goal based planning and disciplined investment strategies.
Ryan Page, CFP®, MBA®
Office & Text:720-826-1092
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
