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#203: Estate Planning/Wills

Season #1

Joshua and Amelie break down what an estate really is, why everyone already has an estate plan (even if they never created one), and why the Last Will and Testament is often the least powerful document in the entire process. The conversation explores essential documents like advance medical directives and powers of attorney, clears up common misconceptions, and highlights the one crucial role a will play for parents of minor children.

Top takeaways:

  • An “estate” includes far more than real estate — it’s everything you own, owe, or control before and after death, including digital assets.
  • If you don’t create an estate plan, your state already has one for you — and it may not reflect your wishes.
  • The most essential documents for nearly everyone are: an advance medical directive (living will), durable powers of attorney (health + finances), and, for parents of minors, a will.
  • Guardianship designations for minor children only live in a will, making it critical for parents.
  • Titling and beneficiary designations (in that order) override your will, meaning most financial assets never pass through it. Trusts also override the will.
  • Wills are often less powerful than people assume; they mainly serve as a safety net for anything not handled elsewhere.
  • Trusts can provide control, clarity, and protection — but they require thoughtful planning and aren’t one‑size‑fits‑all.
  • Estate plans should be reviewed after major life events — both in your family and in the lives of your chosen guardians or decision‑makers.
  • Executors often have less responsibility than people expect when the rest of the estate plan is structured well.

Estate Planning Podcast Series

  • What Is an Estate Plan? 
    • A practical overview of what an estate includes, why everyone already has an estate plan by default, and the essential documents every adult should have in place.
  • Trusts: How They Work & When They Matter (episode 151)
    • A clear breakdown of what trusts actually do, common misconceptions, and when they’re useful for clients.
    • https://www.financialcoachesnetwork.com/podcasts/financial-coaches-network-the-podcast-build-your-financial-coaching-business/episodes/2148895609