Estate Planning EssentialsWhat Every Family Should Know to Protect Their Legacy

7/29/2025 - By Michael C. Hall, CFP

At Saltmarsh, we believe that true stewardship means thinking beyond today and making thoughtful plans for the people and things that matter most. Recently, we hosted an Estate Essentials Planning Seminar featuring trusted Pensacola-area attorney Bill Bond of McDonald Fleming, who walked us through some of the most important and often overlooked elements of estate planning.

Whether you’ve built a successful business, have a growing family, or simply want to ensure your final wishes are honored, this post will help you understand the foundational elements of estate planning and how to begin creating a plan that reflects your values.

Why Estate Planning Matters

Estate planning isn’t just about passing on wealth. It’s about passing on wisdom, protecting your family from unnecessary stress, and ensuring the things you've worked hard for continue to be a blessing, not a burden.

As Bill Bond shared, “An inheritance can be a curse if it’s not positioned or managed properly.” That means every family, regardless of wealth, needs an estate plan that fits their unique situation.

What Is Estate Planning?

In the simplest terms, estate planning is the proactive process of arranging for the transfer of your assets in a way that honors your wishes and protects your loved ones.

It’s not limited to just wills and trusts; it also includes how your assets are titled, your beneficiary designations, healthcare directives, and more. It's a deep personal process that begins with a clear understanding of your goals and your family’s needs.

Core Components of a Strong Estate Plan

  1. Wills & Trusts – These are essential tools that guide how your assets are distributed and who’s in charge.
  2. Property Titling – Your home, vehicles, accounts, and business interests are legally titled can impact whether they go through probate or pass directly to heirs.
  3. Beneficiary Designations – Common on accounts like life insurance or 401(k)s, these must be current and accurate.
  4. Powers of Attorney & Healthcare Directives – Appoint someone you trust to make financial and medical decisions if you become unable to do so.

Why Titling Matters More Than You Think

As Bill explained, “Titling is everything.” Even if you’ve drafted a solid will or trust, if your assets aren’t titled properly, those documents may not work as intended.

For example:

  • Real estate is conveyed by deed.
  • Bank accounts are tied to your name on the agreement.
  • Vehicles are listed on a certificate of title.
  • Cash, jewelry, or art may not be formally titled but need clear documentation if you want to direct them to specific heirs.

Improper titling could force your assets through probate, something many families aim to avoid.

Trusts: A Flexible Planning Tool

Trusts often sound complicated, but they’re essentially contracts between the person creating the trust (the grantor) and the person managing the assets (trustee) for the benefit of a third party (beneficiary).

A revocable trust allows you to maintain control during your lifetime and make changes as needed. An irrevocable trust offers stronger asset protection and may offer tax advantages, especially when gifting wealth to heirs.

Trusts can:

  • Avoid probate
  • Provide creditor and divorce protection
  • Offer flexibility for how and when your beneficiaries receive distributions

A trustee may use guidelines like the HEMSS standard (Health, Education, Maintenance, and Support) to determine distributions, and ensure support for beneficiaries who may have difficulty managing finances for themselves.

The Importance of Choosing the Right Trustee

Selecting a trustee is one of the most important decisions you’ll make. This individual or institution will manage your assets, make investment decisions, and carry out your wishes.

While family members are often chosen, corporate trustees can be a better fit for some, especially when neutrality or long-term stability is needed.

A thoughtful solution discussed during the seminar was the Trustee Appointment Committee, a group of trusted individuals empowered to remove or replace the trustee if necessary. This adds an extra layer of oversight and flexibility for the future.

Review Your Plan Every 3–4 Years

Life changes and your estate plan should reflect those changes. We recommend reviewing your estate plan every 3–4 years, or after major life events like:

  • Marriage or divorce
  • Birth or adoption of children
  • Death of a loved one
  • Changes in financial status
  • Changes in estate or tax law

Also, don’t forget to regularly update beneficiary designations, especially after divorce or remarriage. As we heard during the seminar, forgetting to update a 401(k) beneficiary following a divorce can unintentionally disinherit children or a subsequent spouse.

Next Steps: Take Action Today

Getting started with estate planning doesn’t need to be overwhelming. Begin by taking inventory of what you own and what you want to happen. We recommend using the Saltmarsh Final Wishes Worksheet to help you organize your thoughts.

Then, talk with a financial advisor, along with an estate attorney, to help structure your plan, ensure your assets are titled properly, and make updates as needed.

You Don’t Have to Do This Alone

At Saltmarsh, our team is here to walk alongside you through this process. We also work closely with trusted legal partners like Bill Bond to ensure that you have the legal documents and structures needed to execute your plans.

You’ve already taken an important first step by reading this far. Let’s continue that progress together. Give us a call to speak with one of our Financial Advisors to find out more.

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