Estate planning isn’t just about money — it’s about making sure your wishes are carried out and your loved ones are protected during life’s most difficult moments. Unfortunately, too many people put it off, leaving their families to face confusion, delays, and legal battles. In fact, nearly 40% of Americans don’t have even the most basic estate planning documents in place.
If you’re 65 or older, now is the time to get this done. Here are the key documents Hans and Tom recommend, along with why they matter.
1. Revocable Living Trust
A revocable living trust can help your assets pass to your heirs without going through the costly and time-consuming probate process. While not everyone needs one, it’s a great tool when used for the right purpose — especially for real estate and certain other assets. It’s important to work with an attorney who charges fairly and avoids “trust mill” tactics. And remember: you can’t put IRAs or 401(k)s into a living trust while you’re alive — those require separate beneficiary designations.
2. Last Will and Testament
Even if you have a trust, you still need a will. This legal document ensures that any assets without a named beneficiary or trust designation go where you intend. Without it, state intestacy laws determine who gets what — and the results can be messy. A will serves as a “catch-all” for anything that slips through the cracks.
3. General Durable Power of Attorney
This allows someone you trust to handle your financial affairs if you’re unable to do so yourself. That includes paying bills, managing investments, selling property, and more. Name a primary person (often your spouse) and a backup (often a trusted child or relative) so you’re covered in all situations.
4. Healthcare Power of Attorney
This designates someone to make medical decisions on your behalf if you can’t speak for yourself. From surgery choices to care arrangements, this ensures that someone you trust is making decisions aligned with your wishes.
5. Advance Care Directive (Living Will)
This document outlines your preferences for end-of-life care, including life support measures and pain management. Having it in writing can spare your loved ones from making heart-wrenching decisions during an emotional time and help prevent family disputes.
6. HIPAA Authorization
Without this, healthcare providers can’t share your medical information with anyone — even family members. A HIPAA authorization ensures that those you trust can access your records, coordinate care, and speak directly with your doctors.
7. Beneficiary and Transfer-on-Death Designations
For accounts like IRAs, life insurance policies, and bank accounts, naming beneficiaries (or adding transfer-on-death designations) allows these assets to pass directly to the intended person — bypassing probate. Review these regularly to make sure they reflect your current wishes, as they override your will.
Final Thoughts
Estate planning is one of the greatest gifts you can give your loved ones. It’s not just about protecting money — it’s about protecting relationships, reducing stress, and ensuring your voice is heard when you can’t speak for yourself.
At Cardinal Advisors, we work with clients to review these documents, ensure beneficiary designations are accurate, and connect you with trusted attorneys when needed. The best time to start is now — because you never know when these documents will be needed.
Take the next step:
Gather your existing documents, review your beneficiary designations, and make an appointment with a financial planner or estate attorney. Your future — and your family’s peace of mind — is worth it.
