Most families believe estate planning is simple: “I have a Will — I’m all set.”
Unfortunately, this misconception leaves millions of Americans exposed to avoidable costs, court delays, family confusion, and unintended outcomes.
Estate planning is not about documents — it’s about protection, clarity, and making life easier for the people you love. And in most cases, a Will alone does not accomplish that.
Below is what every family should know.
1
What a Will Actually Does - and Doesn't - Do
A Will governs the distribution of probate assets. These are assets that pass through the court system after someone dies. But a large portion of your wealth — often your largest accounts — do not pass through your Will. These include:
- 401(k)s and IRAs
- Life insurance
- Annuities
- Certain investment accounts
- Joint-owned accounts
- Transfer-on-death or payable-on-death accounts
These assets pass to beneficiaries, not through your Will. If your beneficiary designations are outdated, incomplete, or missing, your Will doesn’t override them. We’ve seen families unintentionally disinherit children or leave money to an ex-spouse because a form wasn’t updated.
2
Essential Documents Beyond the Will
To fully protect your family, you need a complete estate plan. This typically includes:
- Durable Power of Attorney
Allows someone you trust to manage finances if you’re incapacitated. - Advanced Healthcare Directive / Living Will
Spells out your healthcare wishes. - Healthcare Proxy
Names the person who can make medical decisions on your behalf. - HIPAA Authorization
Allows family members to speak with doctors and access medical information.
Without these, your family may be forced to petition the courts for permission to act, causing delays at the worst possible time.
3
Why Trusts Are So Valuable (Even for Non-Wealthy Families)
Despite what many people believe, Trusts are not just for the wealthy. They’re tools for efficiency, privacy, protection, and control. Trusts can:
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Avoid the probate process
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Speed up distribution
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Protect minors or young adult children
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Provide guardrails for beneficiaries with spending challenges
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Ensure a surviving spouse is protected while children still inherit
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Protect assets for special needs family members
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Keep your estate private (Wills are public record; Trusts are not)
Probate in New Jersey can take many months. A Trust can streamline, simplify, and avoid unnecessary court involvement.
4
Updating Your Plan is Critical
Life changes constantly. Yet many people haven’t updated their estate plan in 5, 10, or even 20 years. This creates major problems. You should update your plan:
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After marriage or divorce
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After having a child
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After buying or selling a major asset
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After starting or selling a business
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After receiving an inheritance
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When moving into retirement
Even if nothing major has changed, reviewing your plan every three to five years is smart.
5
Beneficiary Designations: The Most Overlooked Part
These small forms determine where a significant portion of your assets go — often more than your Will. Make sure:
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Primary and contingent beneficiaries are listed
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Names are spelled correctly
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Outdated names are removed
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Designations match the intent of your Will or Trust
This one review alone prevents countless legal and financial problems.
6
Estate Planning Is an Act of Love
Estate planning is not about money — it’s about family. It eliminates confusion, protects loved ones, reduces stress, and ensures your wishes are honored with clarity and compassion.
Free Review of Your Will & Beneficiary Designations
If you haven’t reviewed your estate plan recently, let us help you.
Schedule your complimentary CSI360 Portfolio Health Check: (732) 224 3990.