Estate Planning in the New Normal

Key Takeaways

• If you don't have a will, create one immediately—38% of investors with over $1 million in assets lack a will, leaving their estates vulnerable to litigation, excessive taxes, and family conflict
• Review beneficiary designations on retirement accounts (401ks, IRAs) and life insurance policies, as these contractual assets often comprise the bulk of an estate and bypass your will entirely
• Designate a durable financial power of attorney and healthcare proxy now, while you're healthy—you're 6 times more likely to become disabled than to die, so these documents are critical
• Update any will or trust created 5+ years ago to reflect life changes such as grown children, marriages, grandchildren, or significant wealth changes
• Consider a Spousal Lifetime Access Trust (SLAT) or qualified charitable distributions (QCDs) to transfer assets tax-efficiently while supporting causes aligned with your lifetime values