By Aimée Lloyd, CFP®, CFA® | Founding Partner, Keel Financial
There’s a conversation I find myself having more often than you might expect. Not about market performance or portfolio allocation, but about a simple question: “Do you have a will?”
The pause that follows tells me everything. Most people know they should have one. Many have been meaning to get around to it. And some assume it’s only something you need to think about when you’re older, or wealthier, or facing a health scare.
Here’s the truth: estate planning isn’t a task to complete once and file away. It’s one of the most personal and protective things you can do, for yourself and for the people you love. And it doesn’t have to be complicated to be meaningful.
Let’s start with the fundamentals.
What Is a Will, and Why Does It Matter?
A will, formally called a last will and testament, is a legal document that expresses your wishes for how your assets should be distributed after you pass. It can also designate guardians for minor children, name an executor (the person responsible for carrying out your wishes), and provide direction for any specific bequests you’d like to make.
Without a will, your state’s intestacy laws determine how assets are distributed. That means the court, not you, ultimately oversees who inherits your assets. Individuals not legally recognized as heirs may not receive distributions.
A will gives you a voice when you’re no longer in the room. That matters deeply.
A will can:
- Name who receives your assets
- Designate a guardian for minor children
- Appoint an executor to manage your estate
- Direct charitable gifts or specific bequests
- Help provide clearer direction during probate
A will does not:
- Override beneficiary designations on retirement accounts or life insurance
- Avoid probate entirely (additional planning tools such as trusts may be required)
- Address incapacity, which is typically handled through a Power of Attorney
What Is a Power of Attorney?
A Power of Attorney (POA) is a legal document authorizing someone you trust, your agent, to act on your behalf in financial or legal matters. Two of the most commonly used types:
Durable Financial Power of Attorney Allows your agent to manage financial matters such as paying bills, accessing accounts, and filing taxes if you become unable to do so. “Durable” means it remains in effect during incapacity, which is precisely when you need it most.
Healthcare Power of Attorney (Healthcare Proxy) Designates someone to make medical decisions on your behalf if you cannot communicate your wishes. This may work alongside a living will or advance directive as part of a comprehensive healthcare plan.
Planning for incapacity is just as important as planning for asset distribution, and it’s among the most frequently overlooked elements of a sound financial plan, in our opinion.
Why These Documents Are Part of a Deeper Financial Plan
At Keel, we don’t think of estate planning documents as a legal checklist. We think of them as an expression of your values: who you trust, who you want to protect, and what you want your legacy to mean.
This is where our SAIL framework supports the work we do together:
Strategic Planning means we look at your full picture and seek to ensure estate documents are aligned with your broader financial plan. A will and POA don’t exist in isolation. They work alongside beneficiary designations, trust structures, tax planning strategy, and your investment approach.
Asset Management matters here too. Account titling and beneficiary designations can have a significant impact on how, and how efficiently, assets transfer. We help ensure your investments and accounts are aligned with your estate intentions and attorney’s instructions.
Implementation is where we collaborate with your estate attorney and CPA so that many pieces of your financial life are coordinated, current, and consistent. You shouldn’t have to manage those relationships alone.
Life Happens is perhaps the most important piece. Major life events should prompt a review of your estate documents, and we stay close enough to your life to help you recognize when it’s time to revisit.
Common Misconceptions Worth Clearing Up
“I’m not wealthy enough to need a will.” Estate planning addresses decision-making and clarity for your loved ones, regardless of estate size.
“My spouse will automatically inherit everything.” State laws and family structures can create complexities without proper documentation, particularly in blended family situations.
“I set this up years ago. I’m covered.” Estate documents should be reviewed after major life changes: marriage, divorce, the birth of a child, a significant change in assets, or the loss of a named executor or guardian.
“This is a one-time conversation with a lawyer.” Estate planning benefits from periodic review and integration into your overall financial strategy. It’s not a one-and-done approach.
A Starting Point, Not a Finish Line
If you don’t yet have a will or a Power of Attorney, this isn’t meant to make you feel behind. It’s an invitation to take one step forward. And if you do have these documents, when did you last review them?
Estate planning is one of the areas where we believe having a trusted advisor alongside you makes a meaningful difference. Not just to get the paperwork in order, but to help ensure the decisions within those documents truly reflect your life, your values, and the people who matter most to you.
That’s what going deeper looks like in practice.
If you’d like to talk through how estate planning fits into your broader financial picture, we’re here for that conversation. Reach out to the Keel team. We’d be glad to connect.
Disclosures
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 individualized legal or tax advice. We suggest that you discuss your specific situation with a qualified attorney or tax advisor.
