Estate planning made simple

NIKE might be on to more than just sports with its "Just do it" campaign.

Check out our Money Matters with Greg podcast with estate planning attorney, Tyler Gluth from Martz & Lucas for more. Found anywhere you pod and our @FarrallWealth YouTube Channel.

Estate planning sounds heavy, yet it is simply a plan for who decides, who benefits, and who pays when life changes fast. The conversation begins with a simple truth: most adults lack even a basic will or power of attorney, and by the time they feel urgency, incapacity or crisis has already arrived. The first layer is foundational: a will or a living trust to capture your wishes, plus two powers of attorney—one for finances and one for healthcare. These documents reduce guesswork, protect your dignity, and give your loved ones legal authority to act. A springing power of attorney, which activates upon incapacity, is often safer than a blanket grant of authority, reducing the chance of financial misuse while still covering bills, benefits, and urgent care needs.

Many people assume that a will alone governs everything, but asset titling and beneficiary designations often take precedence. IRAs, 401(k)s, and life insurance pass by beneficiary, not by your will; a joint home may pass to a spouse automatically. That means a tidy, current list of beneficiaries is one of the most effective, low‑cost planning tools available. It’s also where charitable gifts can be tax‑smart: naming a charity on a portion of a traditional IRA can reduce future tax burdens compared to gifting taxable assets. For heirlooms and specific items, a casual letter won’t cut it. States typically require clear, legally referenced lists with detailed descriptions. An attorney can integrate a personal property memorandum into your plan so that jewelry, gun collections, and keepsakes land where you intended without sparking fights.

Executors and trustees carry weighty fiduciary duties that few expect. Choosing a sibling may seem loving, but it can also strain relationships, especially when that person is also a beneficiary. Corporate fiduciaries offer neutrality and professional process, though at a cost that may include flat fees, tiered percentages on assets, and hourly work for complex tasks. While pricier, they often reduce conflict, coordinate multiple accounts, and keep timelines on track. For blended families, second marriages, and multi‑state property, a professional trustee can keep distributions fair and documented, preventing years of resentment over who got what and why. It’s not about mistrusting family; it’s about protecting them from a job they didn’t train for.

Trusts shine when you need continuity and privacy. Think of a revocable living trust as a hub: you own and control it while alive, then your successor seamlessly steps in. Done right, you can avoid probate for trust‑titled assets, simplify multi‑state property ownership, and specify long‑term rules for vulnerable heirs. The catch is funding: every account, deed, and asset must be retitled or assigned to the trust. Miss items, and you may face both probate and trust administration. Still, for snowbirds, blended families, or anyone wanting steady control after death, a revocable trust is often worth the discipline. Pair it with updated beneficiaries, and you create multiple lanes that bypass probate completely.

Probate itself isn’t evil; it’s a court‑supervised process to move assets without automatic pathways. The cost and time depend on asset count, titling, creditor claims, and—most of all—conflict. When families get along and documents are clear, probate can be manageable. When emotions run hot, fees swell, and months become years. A well‑drafted plan reduces friction and gives your executor a roadmap. The highest invisible cost isn’t legal fees—it’s family stress. With clear instructions, you shorten the hardest season of someone’s life and let them grieve without becoming investigators, accountants, and referees.

Finally, do not overlook incapacity. A sudden stroke, surgery, or accident can lock everyday life—mortgage payments, utilities, taxes—without proper powers of attorney. A court guardianship is slow and costly, and it places intimate decisions in the hands of a judge. Springing financial and healthcare POAs keep control within your circle, guided by your values. If you remember nothing else, remember this simple sequence: make a plan, work the plan, keep it current. Update beneficiaries, fund your trust if you have one, and review after significant life changes. The peace of mind you get now is the best gift you can leave for later.

Check out our Money Matters with Greg podcast with estate planning attorney, Tyler Gluth for more.