We spend a great deal of time planning for life’s important milestones. We plan for weddings, the birth of children, buying a home, sending kids to college, and eventually, retirement. But there’s one important aspect of financial planning that far too many people put off- estate planning.

It’s understandable. No one particularly enjoys thinking about their own mortality, and conversations about what happens after we’re gone aren’t exactly at the top of anyone’s to-do list. It’s easy to tell yourself you’ll get around to it someday.

In fact, according to Caring.com’s 2025 Wills & Estate Planning Survey, 43% of Americans without a will say they simply haven’t gotten around to creating one. Unfortunately, when it comes to estate planning, someday isn’t always enough.

But here’s the reality: estate planning isn’t really about you. It’s about the people you love.

In recognition of National Estate Planning Awareness Week, we’re encouraging everyone to take a little time to address something that can make an enormous difference in the lives of the people who matter most.

Estate Planning Isn’t Just for the Wealthy

One of the biggest misconceptions about estate planning is that it’s only necessary for people with substantial assets. The truth is, nearly every adult can benefit from having an estate plan, regardless of age, wealth, or family circumstances.

An estate plan isn’t simply about deciding who inherits your money. It’s about making important decisions now, so your loved ones aren’t left to make them for you during an already difficult time.

Consider a few questions:

• Who would make financial or medical decisions on your behalf if you became unable to make them yourself?
• Who would care for your minor children if something happened to you?
• How would you want your assets distributed, and to whom?
• Are there specific wishes, charitable intentions, or family circumstances you want considered?
• Would your loved ones know where to find your important documents, account information, and instructions?

These aren’t necessarily comfortable questions to answer, but they are important ones. Without proper planning, some of these decisions may be left to state law or the courts rather than the people you would have chosen.

The Cost of Doing Nothing

While creating an estate plan requires time, thought, and some financial investment, the consequences of failing to plan can be far more significant.

Without the appropriate documents in place, your loved ones may face unnecessary legal expenses, delays, confusion, or disagreements over how your affairs should be handled.

Imagine grieving the loss of a loved one while simultaneously trying to locate financial accounts, determine who has legal authority to make decisions, or navigate the probate process. Now imagine how much easier that experience could have been if the necessary arrangements had already been made.

Trust me, after more than 40 years of working alongside clients and their families, I have seen firsthand the difference a thoughtful estate plan can make.  A well-prepared estate plan can provide clarity, reduce unnecessary complications, and help preserve family relationships during a difficult time.

Perhaps most importantly, it can give your loved ones the comfort of knowing they’re honoring your wishes rather than guessing what you would have wanted.

What Should an Estate Plan Include?

While everyone’s circumstances are different, a comprehensive estate plan often includes several important components.

• A Will: Outlines how certain assets should be distributed after your death, names a personal representative to administer your estate, and can nominate guardians for minor children.
• A Trust: Depending on your circumstances, a trust may help manage and distribute assets, provide greater control over how beneficiaries receive an inheritance, and potentially avoid probate for assets properly transferred to it.
• Durable Financial Power of Attorney: Allows someone you trust to manage financial matters on your behalf, including situations in which you become unable to handle them yourself.
• Healthcare Power of Attorney (Patient Advocate Designation): Identifies someone to make medical decisions on your behalf if you become unable to do so and can communicate your preferences regarding medical care.
• Beneficiary Designations: Retirement accounts, life insurance policies, and certain other assets generally pass according to beneficiary designations rather than instructions in your will. Keeping these designations current and coordinated with the rest of your estate plan is essential.

Just as important as preparing these documents is ensuring they work together and reflect your current wishes.

An Estate Plan Should Evolve with Your Life

Even if you already have an estate plan, when was the last time you reviewed it?

Life changes, and your estate plan should change with it. Marriage, divorce, the birth of children or grandchildren, the death of a loved one, changes in financial circumstances, and evolving relationships can all warrant a review.

An estate plan created 10 or 20 years ago may no longer reflect your priorities or family situation.

And sometimes the issue isn’t that your documents are outdated, but that certain details were never completed. For example, establishing a trust is an important first step, but ensuring assets are properly titled or designated to work with that trust is equally important.

An estate plan is not something you should simply sign, place in a drawer, and forget about.

The Hardest Part is Often Getting Started

For some, estate planning can feel overwhelming. There are documents to gather, decisions to make, and sometimes difficult family dynamics to consider.

But don’t let the desire to have every answer keep you from taking the first step.

You don’t need to have everything figured out before beginning the process. A qualified estate planning professional can help you think through your options, understand the implications of different decisions, and create a plan that reflects your circumstances and goals.

Not Sure Where to Begin?

The legal team at Bloom Advisors created an Estate Planning Organizer to help simplify the process. This practical resource is designed to help you gather important financial and personal information, think through key decisions, and organize the details needed to begin working with an estate planning professional.

Whether you’re creating your first estate plan or updating an existing one, taking the time to get organized is a valuable first step.

Give Your Family the Gift of Peace of Mind

At Bloom Advisors, we often remind clients that financial planning is about so much more than investment returns or the balance of their accounts. It’s about protecting what matters most and helping families navigate life’s important transitions with confidence.

A thoughtful estate plan is an essential part of that process.

This National Estate Planning Awareness Week, we encourage you to do something meaningful for the people you love. Whether you need to create an estate plan for the first time or revisit documents that haven’t been reviewed in years, make it a priority to take that next step.

Because one of the greatest gifts you can leave your loved ones isn’t just what you’ve accumulated during your lifetime. It’s the clarity, security, and peace of mind that comes from knowing you’ve planned for their future.

At Bloom Advisors, our integrated approach to financial, tax, and estate planning helps clients address the many considerations that go into protecting their family’s future.

If you’ve been putting off creating or updating your estate plan, there’s no better time to get started. Contact our team at help@bloomadvisors.com.