In an effort spearheaded by the National Association of Estate Planners and Councils, today is the beginning of this year’s National Estate Planning Awareness Week. Once again, we at Benjamin F. Edwards will use this week to help people understand what estate planning is, why it’s so important to your financial planning, and some specific items to consider that affect many people’s planning situations.
Typically, we kick off the week focusing on the importance of having a plan in place at all. To illustrate this point it is estimated that less than half of adult Americans have a comprehensive estate plan. That said, many people mention things like “I did a will once” or “Yeah, I have a trust.” But surveys show that of those that even have an estate plan, only half really understand the plan.[1] If we assume only half the population has a plan and only half of that group understands the plan, then only one in four of us have our plans organized and understand how they work.
Therefore, consider reviewing whether you have a will or a trust to control your assets at death. Determine whether you have financial and health care powers of attorney to ensure your goals will be met should you become incapacitated. If you don’t have these documents in place, or if you are unsure or unfamiliar with these planning techniques, work with your legal advisor and your financial advisor to begin implementing your plan.
If you have a plan, do you know what it says? Does it still align with what you want your legacy goals to be today? Maybe you or your beneficiary’s situations have changed, leading you to determine whether you need to change your plan or adjust your beneficiary’s future inheritance?
If you have a trust, have you titled assets into the trust name? All too often clients leave the attorney’s office after signing their documents with a sigh of relief that “well we got that done.” That’s not the case, though. For your trust to control your assets you must title those assets from your individual and/or joint name to your trust’s name. Doing so puts those assets under trust control, and failing to do so may lead to unintended distributions or the need to probate assets to get them into your trust.
It’s also important to note that some assets like an IRA or other retirement accounts can’t be titled into your trust during your lifetime. You may consider naming your trust as a beneficiary of those assets, but recent legislation can make this a mine field for planning mishaps. Work with your tax and legal professionals to review your asset titling and your beneficiary designations if you have a trust as your primary estate planning mechanism to ensure your goals can be achieved.
Even if you have everything in place, it’s important you keep plans current. Reviewing your plan at least every three to five years helps to confirm your legacy goals are met. Changes in your life or the life of your beneficiaries, like a birth, death, marriage or divorce, may also prompt a reason to review and potentially update your estate plan. Lastly, changes in the law, like Big Beautiful Bill passed in 2025, should lead you to review, and perhaps modify, your plan as well.
Remember, if you don’t proactively establish your intentions with a proper estate plan, your state has default provisions on where your assets will go when you pass away and what type of decisions will be made for you should you become incapacitated. Many times the state’s default rules do not align with your legacy goals. Take the initiative to create and maintain your estate plan so you can achieve your goals.
[1] See trustandwill.com/learn/estate-planning-report-2025; www.justvanilla.com/blog/estate-planning-statistics-and-facts-you-need-to-know
IMPORTANT DISCLOSURES: The information provided is based on internal and external sources that are considered reliable; however, the accuracy of this information is not guaranteed. This piece is intended to provide accurate information regarding the subject matter discussed. It is made available with the understanding that Benjamin F. Edwards & Co. is not engaged in rendering legal, accounting or tax preparation services. Specific questions on taxes or legal matters as they relate to your individual situation should be directed to your tax or legal professional.
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