If you’ve been putting off your estate planning, you’re not alone—but it’s time to change that. As Jennifer Norton, founder of Norton Estate Planning and Elder Law in Indianapolis, shared on a recent episode of Thoughtful Planning, not having a will or trust can cost you and your loved ones more than you might realize. Let’s unpack some key takeaways from her conversation.
Wills vs. Trusts: Why Both Matter
First things first: what’s the difference? A will outlines how you want your assets distributed after you’re gone. A trust, on the other hand, can help avoid probate entirely, offering a smoother, faster process for your heirs. According to Jennifer, trusts often save families significant time and money, but even a basic will is better than nothing. “Not planning is the real mistake,” she says.
Probate: The Emotional and Financial Toll
Speaking of probate, Jennifer didn’t sugarcoat the reality. Probate is a court-supervised process to settle an estate, and it can be both costly and time-consuming. Worse, it often adds stress during an already difficult time for families. Jennifer shared stories of families torn apart by probate disputes, particularly in blended families or when vague estate plans left too much room for interpretation.
Protecting Minor Children
One of the most heartbreaking oversights Jennifer encounters is when parents fail to name guardians for their minor children. Without this designation, the courts decide who raises your kids—a scenario no parent wants. Estate planning ensures your children are cared for by someone you trust, and that their inheritance is managed responsibly.
Debts, Assets, and Hidden Costs
Who pays for your debts after you’re gone? Jennifer explained that debts often eat into an estate’s assets, leaving less for heirs. Worse, probate fees can add another financial burden. A trust-based estate plan can minimize these costs, ensuring more of your legacy goes where it belongs—to your loved ones.
The Case for Trusts
“Trusts aren’t just for the wealthy,” Jennifer emphasized. They offer privacy, reduce disputes, and keep your affairs out of court. While setting up a trust might feel expensive upfront, it often saves families from significant expenses—and headaches—later on.
Planning for Funerals and Beyond
Jennifer also discussed how planning for end-of-life expenses, like funerals, can lighten the load for your family. Options like pre-planning and using life insurance for funeral costs ensure loved ones aren’t scrambling to figure out your final wishes.
Jennifer’s Top Tips for Estate Planning:
- Get Organized: Keep a clear record of your assets, debts, and important documents. Nobody wants to send their family on a “morbid scavenger hunt.”
- Have the Hard Conversations: Talk to your family now about your wishes to avoid disputes later.
- Choose Wisely: Select executors, trustees, and guardians who are reliable and capable—even if they aren’t family members.
- Think Long-Term: Trusts may seem like an unnecessary expense now, but they can save your family time, money, and stress in the future.
It’s Time to Act
Procrastination is easy, but the consequences of not planning are too serious to ignore. Estate planning is about more than documents—it’s about protecting your family, preserving your legacy, and creating peace of mind.
As Jennifer says, “You can either plan for your family now or let the courts decide for you later.” The choice is yours.
To learn more about estate planning or to get started on your will or trust, connect with Norton Estate Planning & Elder Law.
