Insights from Domain Money's Estate Planning Webinar with Steward
When you hear "estate planning," you might think it's only for the ultra-wealthy with sprawling mansions and trust funds. But here's the truth: everyone has an estate, regardless of net worth, and everyone needs a plan for what happens to their assets and loved ones when they're gone.
In a recent webinar, Domain Money partnered with Steward*, a modern estate planning firm, to break down the essentials of estate planning and dispel common misconceptions. Here's what every family should know about protecting their future.
Estate planning is simply a series of legal documents that plan for what happens to you and your assets after you pass away or become incapacitated. At its core, most people need four key documents:
While many people start with just a will, there are compelling reasons to consider adding a revocable trust to your estate plan:
As Samantha Smith, Head of Legal at Steward, explained in the webinar: "I'm not really aware of any situation where I think people would have only a will—it would be both."
One of the biggest misconceptions about estate planning is that it's only necessary if you have significant assets. Here's why that's not true:
Estate planning allows you to:
"It's never too early to start thinking about this stuff," Smith emphasized. Common life events that trigger estate planning include:
As Adrianna Adams, CFP® and Head of Financial Planning at Domain Money, puts it: "Everyone has an estate plan. It's just a matter of whether it's the one that the state you live in drafted and is going to impose on you, or it's one that you created yourself."
If you don't create your own plan, your state has a default template—and it probably doesn't match your wishes or your family's needs.
Before sitting down to draft documents, couples should discuss:
You don't have to choose the same person as both guardian and trustee. Often, the best caregiver for your children isn't the same person who's best suited to manage finances. This separation allows you to choose the right person for each role.
Estate planning laws vary significantly by state, with key differences including:
While it's ideal to work with an attorney licensed in your state, many practitioners (like those at Steward) are licensed across multiple states and can provide appropriate guidance for your jurisdiction.
Based on years of experience, estate planning professionals see these mistakes repeatedly:
This is the biggest mistake. Any plan is better than letting the state decide your family's future.
Life changes—marriage, divorce, new children, relocations—all require plan updates. The good news? Trusts are relatively easy to modify compared to wills.
Your chosen guardian and trustee should be able to work together effectively. If they can't communicate or actively dislike each other, reconsider your choices.
Having a trust but failing to transfer assets into it defeats the purpose. This process, called "funding the trust," is crucial for the plan to work.
One of the most thoughtful gifts you can give your family is organization. As Meg Palazzolo, Head of Client Success at Steward, noted: "Let that be your last gift. Just be organized now and put up the work up front, instead of letting them have to take months or years to figure this out on their own."
Traditional estate planning often meant stuffy law offices and intimidating legal jargon. Modern firms like Steward are changing this by:
Estate planning might seem overwhelming, but it doesn't have to be. The process typically involves:
Estate planning isn't about having enough money—it's about protecting the people you love and ensuring your wishes are carried out. Whether you have $20,000 or $20 million, whether you're single or have a large family, you need a plan.
The peace of mind that comes from knowing your family is protected and your wishes will be honored is invaluable. And in many cases, the cost of proper estate planning is a fraction of what your family might spend on probate proceedings without a plan.
Don't let another day pass thinking you'll "get to it eventually." Your family's future is too important to leave to chance—or to let the state decide for you.
Consider working with certified financial planners who can integrate estate planning into your overall financial strategy, ensuring all aspects of your financial life work together seamlessly.