Estate Planning Essentials

Essential Steps for Peace of Mind

This week on Wealth Wisdom, we’re diving into one of the most important—but often delayed—parts of financial planning: estate planning. Many people assume estate planning is only for the ultra-wealthy, but the truth is, it’s essential for anyone who wants to protect their family, make their wishes known, and avoid unnecessary complications if something unexpected happens. The conversation was sparked by a simple but powerful question: What happens to the kids if something happens to us?

From there, we explore the emotional and practical sides of getting your affairs in order.

In this episode, we cover:

👨‍👩‍👧 How to thoughtfully choose a guardian for your children

📜 Wills, trusts, healthcare proxies, and power of attorney—what they are and why they matter

💰 How much life insurance you actually need (and how to determine the right amount)

🔁 Why your estate plan should be reviewed every few years—not just once

⚠️ What happens if you don’t have a plan in place—and the mess it can leave behind If you’ve been putting this off, this episode will give you the clarity and motivation to finally take action.

Prefer Reading?: Here's the episode as a full blog post.

Protecting Your Family and Future: The Essential Guide to Estate Planing

Imagine you're about to board a plane for your first vacation without your kids. Instead of excitement, you feel a rush of anxiety—"What if something happens to both of us?" It might seem morbid, but these moments often prompt crucial conversations about estate planning, just like Fox Hill Wealth's Justin Obey and Bill Ryan experienced firsthand.

Why Estate Planning Isn't Just for the Ultra Wealthy

There's a pervasive myth that estate planning is reserved for the ultra-wealthy, but this couldn't be further from the truth. Here at Fox Hill Wealth, we strongly believe that estate planning is critical for everyone, especially those with children or significant responsibilities.

The reality is stark: without a clear plan, your family could face confusion, legal headaches, and significant financial burdens. Having a basic will in place is not only practical but affordable and essential.

Core Components of Estate Planning

1. Last Will and Testament

Your will clearly dictates how your assets should be distributed and who will become the guardian of your children. Bill Ryan underscores the importance of clarity here, as family members could dispute responsibilities or financial management without explicit directions.

2. Trusts

Trusts aren't exclusive to "trust fund kids." They provide critical protections and structure for distributing assets responsibly, ensuring your children are provided for without risking mismanagement of funds. Trusts can include:

Clear spending guidelines.
Conditions for asset distribution.
Checks and balances, including separate guardians and fiduciaries.

3. Powers of Attorney & Healthcare Proxies

These documents designate someone to make medical and financial decisions on your behalf if you become incapacitated. Eric Benz emphasizes the chaos prevented by simply having these directives in place.

Practical Steps to Get Started

Step 1: Evaluate Your Needs

Ask yourself:

Who would take care of your children?
How much financial support would your family need?
Do you have special circumstances (health conditions, complex finances, etc.)?

Step 2: Choose Your Guardians and Fiduciaries Wisely

Bill Ryan recommends separating responsibilities to create accountability. Choose someone responsible and financially savvy to manage assets and someone caring and capable to manage guardianship.

Step 3: Get Professional Help

Working with estate planning attorneys and financial advisors ensures comprehensive and effective planning tailored to your situation. Fox Hill Wealth's approach involves collaboration, ensuring alignment with your broader financial goals.

Life Insurance—Your Financial Safety Net

Determining how much life insurance to carry involves considering:

Mortgage coverage.
Educational expenses for your children.
Income replacement for surviving family members.

Eric Benz, one of our principals, recommends aiming to have coverage that is around ten times your annual income, adjusting for specific family needs.

Regular Reviews

Estate planning isn't a one-time event. Your life changes, and so should your estate plan. Regular reviews every 3-5 years are recommended to ensure your plans reflect current family situations, financial circumstances, and personal relationships.

Making Estate Planning Accessible

At Fox Hill Wealth, we firmly believe estate planning should be accessible to everyone. Basic wills and simple trusts are affordable first steps. The peace of mind knowing your family’s future is secure is invaluable and worth the investment.

Don't leave your family’s financial future to chance. Begin your estate planning journey today—your loved ones will thank you. We are now working with clients for Estate Planning purposes in all 50 United States. Please email us at hello@foxhillwealth.com for more information.