NEWS & RESOURCES

Authored by: Bradi Dahmen, Wealth Advisor

When people hear the phrase estate planning, they often assume it’s something reserved for the ultra-wealthy. In reality, estate planning is simply about making sure the people you care about are protected and that your wishes are clear when life inevitably changes.

For families today—especially multi-generational families—estate planning is less about wealth and more about coordination. Grandparents helping with college savings, parents supporting aging relatives, and adult children beginning families of their own all create financial connections that benefit from thoughtful planning.

At its core, estate planning is about creating clarity for the people you love.

Start with the Basics

Every estate plan should begin with a few foundational documents:

1. A Will. A will outlines how your assets should be distributed and allows you to name guardians for minor children. Without one, state law determines how your estate is handled, which may not align with your wishes.
2. Power of Attorney. This document allows someone you trust to handle financial decisions if you become unable to manage them yourself.
3. Healthcare Directive. Also called a living will, this document communicates your healthcare preferences if you are unable to speak for yourself.

Many families are surprised to learn that these basics matter just as much for younger families as they do for retirees.

Why Multi-Generational Families Need Extra Planning

As families grow and evolve, financial responsibilities often overlap across generations. Some common situations we see include:

• Grandparents helping fund education for grandchildren
• Adult children helping aging parents manage finances
• Family property or vacation homes shared across generations
• Small businesses that involve multiple family members

Without a clear plan, even well-intentioned arrangements can become confusing later. Estate planning creates structure so everyone understands their roles and responsibilities.

Don’t Forget Beneficiary Designations

One of the most commonly overlooked pieces of estate planning is something surprisingly simple: beneficiary designations.

Retirement accounts, life insurance policies, and some investment accounts pass directly to the named beneficiaries regardless of what a will says. Keeping these updated is essential, especially after life events like marriage, divorce, births, or deaths in the family.

A quick review every few years can prevent unintended outcomes.

Communication Matters

One lesson I learned early in life—long before I entered the financial services industry—is that difficult conversations are often the most important ones to have.

In my family’s funeral business, I saw firsthand how families navigated grief while also trying to make sense of financial and legal decisions. The families who had talked openly beforehand were often able to focus on supporting each other instead of sorting through unanswered questions.

Estate planning doesn’t eliminate hard moments, but it can make them easier for the people you care about most.

Estate Planning Is an Ongoing Process

An estate plan shouldn’t be something you create once and forget about. Major life events—marriages, births, career changes, retirement, or health changes—are all reasons to revisit your plan.
For multi-generational families, coordination between financial planning and tax planning can also play an important role. Working with professionals who understand both sides of the equation can help ensure your plan reflects the bigger picture.

A Final Thought

Estate planning is ultimately an act of care. It’s about protecting your family, preserving the values that matter to you, and giving future generations clarity when they need it most.

The goal isn’t perfection—it’s preparation. And for many families, getting started is the most important step.