by Kristen Ishihara and Chris Parker with Ishihara & Parker Law Firm PLLC

Estate planning—sounds fancy, right? But really, it’s just about making sure your assets go where you want them to go when you're no longer around. And trust us, it’s something everyone should have in place, no matter your age or financial situation. In this blog, we’re breaking down the must-know aspects of estate planning in a way that actually makes sense.

Why Estate Planning Matters

Many people think estate planning is only for the super-rich, but that’s a myth. If you have a bank account, a home, a car, or even just a favorite pet, you should have a plan for what happens to them. Otherwise, the government decides for you—and that can get messy, expensive, and time-consuming for your loved ones.

The Power of a Will

The backbone of any estate plan is a will. This document outlines who gets what when you pass away. Without one, your assets could end up in probate, meaning the court will decide how things get divided. And if you have kids, a will is especially important because it lets you name a guardian—otherwise, the state may choose one for you.

The Role of Power of Attorney

A power of attorney (POA) is a document that lets someone you trust make financial or healthcare decisions on your behalf if you can’t. There are two main types:

• Financial POA: Allows someone to manage your money, pay bills, and handle transactions if you’re unable to.
• Medical POA: Lets a trusted person make healthcare decisions for you if you’re incapacitated.

Without these in place, your family might have to go through court proceedings just to make basic decisions on your behalf.

Avoiding the Probate Nightmare

Probate is the legal process of handling someone’s assets after they pass. It can be lengthy and costly, but there are ways to avoid it, such as:

• Setting up a trust: This keeps your assets out of probate and ensures they go directly to your beneficiaries.
• Naming beneficiaries on accounts: Retirement accounts, life insurance policies, and even some bank accounts allow you to name who gets the money after you’re gone.
• Joint ownership: Owning property jointly with someone can help it pass directly to them without probate.

Special Considerations: Blended Families & Disabled Children

If you have a blended family, estate planning becomes even more crucial. Without clear instructions, assets might not be distributed the way you intended—like everything going to your new spouse and not your kids from a previous marriage.

For families with disabled children, a special needs trust is key. It ensures your child receives financial support without losing eligibility for government benefits.

Get Started Today!

Estate planning may not be the most exciting thing to think about, but it’s one of the most important. A simple will and power of attorney can make all the difference for your loved ones. Don’t wait—get started on your estate plan today and give yourself (and your family) peace of mind.

Got questions? Let us know in the comments!

‍