Common Misconceptions About Estate Planning
Misconception #1: Estate planning is only for the wealthy.
Truth: Anyone who owns property, has dependents, or wants to make healthcare decisions clear should have an estate plan.
Misconception #2: A will is enough.
Truth: While a will is an essential foundation, it often needs to be paired with other documents to cover medical decisions, financial management, and tax considerations.
Misconception #3: Estate planning is a one-time task.
Truth: Life changes—marriage, children, career shifts, and new assets mean your estate plan should be reviewed and updated regularly.
Essential Estate Planning Documents
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Last Will and Testament
This outlines who will inherit your property and who will manage the estate. Without it, state law dictates distribution, which may not align with your intentions.
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Revocable Living Trust
A trust allows your assets to bypass probate, which can save time, reduce costs, and keep matters private. It also helps with managing assets during your lifetime if you become incapacitated.
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Durable Power of Attorney
This document authorizes someone you trust to handle financial and legal decisions on your behalf if you cannot do so.
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Healthcare Power of Attorney (or Healthcare Proxy)
This appoints someone to make medical decisions for you if you cannot speak for yourself.
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Living Will (Advance Healthcare Directive)
This specifies your wishes regarding life-sustaining treatment and end-of-life care, giving clarity to loved ones during difficult times.
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Beneficiary Designations
Retirement accounts, life insurance policies, and certain bank accounts pass directly to designated beneficiaries. Keeping these updated is critical to ensure they reflect your wishes.
How the Documents Work Together
Think of your estate plan as a team: each document plays a unique role but only achieves your goals when they function together. Trusts also distribute property, and they aren’t necessarily just for larger assets. Your powers of attorney and healthcare directives ensure your voice is heard even if you cannot speak for yourself. And beneficiary designations make sure assets flow smoothly to the people you choose.
Start Building Your Plan
Estate planning can feel overwhelming, but with guidance, it becomes a meaningful process that ensures your legacy is protected and your family is supported.
At Sequoia Financial Group, our advisory team works alongside you to build an estate plan that reflects your values and adapts to life’s changes
Contact your Sequoia Financial Group advisory team today to start creating an estate plan that works for you and your loved ones.
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The views expressed represent the opinion of Sequoia Financial Group. The views are subject to change and are not intended as a forecast or guarantee of future results. This material is for informational purposes only. It does not constitute investment advice and is not intended as an endorsement of any specific investment. Stated information is derived from proprietary and nonproprietary sources that have not been independently verified for accuracy or completeness. While Sequoia believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability. Statements of future expectations, estimates, projections, and other forward-looking statements are based on available information and Sequoia’s view as of the time of these statements. Accordingly, such statements are inherently speculative as they are based on assumptions that may involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such statements. Investing in equity securities involves risks, including the potential loss of principal. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. Past performance is not an indication of future results. Investment advisory services offered through Sequoia Financial Advisors, LLC, an SEC Registered Investment Advisor. Registration as an investment advisor does not imply a certain level of skill or training.
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