Beyond Finances

Estate planning isn't just for the ultra-wealthy or elderly or "other people who need it but not me." It's a critical financial planning step for anyone who is trying to build their wealth who also wants to protect their loved ones - particularly children who are minors. Eric Roberge, CFP sits down with estate planning attorney Michael Broderick to demystify the estate planning process and reveal what mid-career professionals really need to know about having an estate plan, including: The biggest misconception people have about estate planning Why this kind of protection planning so important within the framework of an overall financial plan What goes wrong when you DON'T have an estate plan in place What actually makes up an estate plan for someone in their 30s and 40s  How to determine when you need an attorney (and when you don't) The challenges with online estate planning services and make-a-will websites Eric and Michael also look at the unique considerations for younger clients with young families, including how to deal with digital assets like cryptocurrencies, online banking, social media, digital photos, and credit card points. Michael breaks down the common misconceptions about estate plans, explaining why they're not just about "who gets what" but rather a comprehensive set of decisions about guardianship, financial management, and healthcare. He shares practical insights on choosing guardians and trustees for minor children, the difference between joint and individual trusts, and why coordinating your estate plan with your actual assets is absolutely critical. You'll also learn about the pitfalls of online estate planning services, when to have important conversations with both your children and aging parents, and the one thing everyone should do right now (even without a formal estate plan!) to protect their loved ones. Whether you're just starting to think about estate planning or looking to update an existing plan, this conversation provides the clarity and actionable guidance you need to move forward with confidence. KEY TAKEAWAYS 1. Estate planning is for everyone You don't need millions or a countryside manor to need an estate plan. An estate is simply your bundle of decisions about care, custody, and assets. Everyone has decisions to make around these components of your financial and family life. 2. Guardianship requires careful thought Choosing who will raise your minor children if something happens to you is often the most difficult estate planning decision. Consider separating the guardian role (physical custody) from the trustee role (financial management) if different people are better suited for each. 3. Documents alone aren't enough The real value of estate planning isn't the documents themselves. It's the planning process that coordinates your documents with your actual assets. Without proper coordination, your estate plan may fail to accomplish your goals. 4. Avoid online shortcuts While online estate planning services may seem cost-effective, they typically lack the critical planning component that ensures your documents align with your real-life assets, accounts, and family situation. 5. Fund your trust properly! One of the most common estate planning failures is creating a trust but never retitling assets into it or updating beneficiary designations. This simple oversight can derail your entire plan. 6. Update beneficiary designations periodically Even without a formal estate plan, keeping beneficiary designations current on retirement accounts, life insurance, and brokerage accounts can help 95% of your assets transfer smoothly outside of probate. 7. Have estate planning conversations early Talk with nominated guardians and trustees about your expectations before a crisis occurs. Also, encourage aging parents to complete basic documents like healthcare proxies and powers of attorney to avoid court-appointed guardianships or conservatorships. Ready to create, use, and enjoy money for life? Request a complimentary consultation with us at BYH and discover how to optimize your investments, reduce your tax burden, and grow your wealth: https://beyondyourhammock.com/schedule