Guest Post by Jon Miller, Attorney at Law
When it comes to managing your finances, you probably work closely with your financial advisor to build a smart plan for your future. But have you ever stopped to think about how your assets and your loved ones will be protected if something unexpected happens? That’s where an estate plan comes in — a crucial, yet often overlooked, piece of a truly comprehensive financial strategy.
As an estate planning attorney, I’ve seen firsthand how having an up-to-date estate plan can make a significant difference. It’s not just about having the right documents in place — it’s about giving your family clarity and peace of mind when they’ll need it most. I’ve worked with many clients, and the ones who pair smart financial planning with a solid estate plan sleep better at night (and usually have fewer “what if” worries).
Let’s break this down together. I’ll share a few real-world insights on why every financial plan needs an estate plan, and how taking this important step can safeguard your family’s future. Whether you’re just starting out or it’s been a while since you last updated your documents, there’s no time like the present to make sure everything’s working the way it should.
What Estate Planning Is and Why It Matters
When most people think about financial planning, they focus on investments, savings, and retirement goals — but one crucial piece that sometimes gets left off the list is estate planning.
Simply put, estate planning is the process of organizing your assets and making decisions about how and to whom they’ll be managed and distributed. And it’s not just for people with large estates or complex investments. I’ve worked with families at every stage of life — from those buying their first home to retirees with grown children — and nearly everyone benefits from having a clear plan.
A good estate plan usually includes a trust, will, powers of attorney, and healthcare documents that ensure your wishes are honored and your family isn’t left guessing.
If you’re thinking, “But I already have a financial plan,” that’s great! Think of it this way: your financial plan builds the foundation, and your estate plan locks the doors and sets the alarm. It protects what you’ve worked so hard to build.
“Your financial plan builds the foundation, and your estate plan locks the doors.”
Life has a way of changing on us — marriage, divorce, children, career changes, even moving states can all affect your plan. Reviewing it every few years (or after big life events) keeps everything up to date and ensures your loved ones will be cared for exactly as you intend.
If it’s been a while since you’ve reviewed your estate plan, talk with Thrive Retirement Planning or reach out to an estate planning attorney who can coordinate with your financial strategy. It’s one of those “adulting” tasks you’ll be glad to check off your list.
To learn more about the key documents and strategies involved, visit Jon’s Estate Planning Services page for helpful resources and guidance.
How Estate Planning Complements Financial Planning
Your financial plan grows your wealth, and your estate plan protects it. Without both, even the best financial strategy can fall short.
In fact, I like to tell clients that financial planning and estate planning are like two sides of the same coin — each one needs the other to give your family a complete sense of security.
Without clear estate documents, your assets might get caught up in probate (the court process for settling estates), which means time, expense, and stress for the ones you care about. And if you ever become unable to make decisions for yourself, your estate plan ensures that someone you trust can step in right away to handle your finances or healthcare, not a judge.
If you already have a financial advisor, you’re ahead of the curve. Many advisors recognize the importance of estate planning and work closely with attorneys to align legal, financial, and tax goals. If your plan hasn’t been reviewed in several years, now is a great time to revisit it — especially if you’ve had life changes or tax updates that could affect your estate.
Working with a financial advisor like Carl Woolston, CFP®, ChFC®, at Thrive Retirement Planning is one of the smartest moves you can make. Carl can collaborate with your estate planning attorney to make sure your investment strategies, tax goals, and legal documents all point in the same direction.
For more on how your financial plan connects with your legal documents, see Give Every Asset a Job.
The Key Components of a Comprehensive Estate Plan
Most people think estate planning begins and ends with a will, but there’s more to it than that. Here are the essential tools that make up a strong plan:
Last Will and Testament – Specifies how your assets will be distributed and who will care for minor children. Without one, state law decides, often in ways you wouldn’t choose.
Durable Power of Attorney – Lets someone you trust handle your financial matters if you’re unable to. This avoids court involvement and keeps things running smoothly.
Healthcare Power of Attorney and Advanced Directive – Ensures your healthcare preferences are honored and appoints someone to make decisions for you if you can’t.
Trusts – Help avoid probate, maintain privacy, and provide flexibility in how and when assets are distributed.
Beneficiary Designations – Assets like retirement accounts and life insurance policies pass directly to named beneficiaries, so it’s important to keep these current.
Regular Reviews – Life changes. Your plan should, too. A quick review every few years keeps everything aligned with your current goals.
Together, these tools form a safety net that complements your financial plan and protects your family’s future. And the best part? Once it’s set up, keeping it current is simple.
Common Estate Planning Mistakes (and How to Avoid Them)
The biggest mistake I see is treating estate planning like a “one-and-done” project. It’s more like routine maintenance — ignore it too long, and things can get messy.
Marriage, divorce, new children or grandchildren, or even a new home can all change your estate picture. Outdated documents can create confusion, lead to assets going to the wrong people, or potentially even cause avoidable taxes.
Another mistake? Not syncing your estate plan with your financial plan. Working with Carl and Thrive Retirement Planning to make sure your investments and estate goals align is one of the easiest ways to maximize protection and efficiency.
I’ve had clients tell me, “I meant to update it years ago, but I just never got around to it.” My advice? Let’s make this the year you do get around to it.
Taking the Next Step
Estate planning is one of the most important — and most overlooked — parts of long-term financial wellness. The good news is, you don’t have to do it alone.
If you’re already working with Carl and Thrive Retirement Planning, you’re in great hands. Together, we can create a clear, coordinated plan that protects your assets and gives your family peace of mind. Whether it’s your first time setting up a plan or you just need a quick review, now’s a great time to make sure everything’s in order.
Learn how to integrate your estate plan into a complete retirement strategy with Thrive’s Retirement Transition Blueprint.
After all, the best estate plan isn’t the one with the fanciest legal language — it’s the one that actually works for your family when they need it most.
Jon Miller, Attorney at Law, provides estate planning and business law services for Utah families. Explore his website for more information and helpful legal insights.
About the Author
Jon Miller, Attorney at Law
Licensed in Utah, Arizona, and Texas
Jon helps families and business owners create practical, comprehensive estate plans that bring clarity and peace of mind. Planning for the future is one of the most important steps you can take to safeguard your loved ones and assets. Jon and his team customize each client experience, simplifying the estate planning process and guiding you through every step so you can protect your legacy with confidence.
You can learn more about Jon’s background, family, and approach to estate planning at his About Us page.