Estate planning makes good financial sense, but it’s hard to get started if you don’t know what you’re doing (or why you’re doing it). In my practice, I’ve found inspiration in Simon Sinek’s “Start with Why” approach. Framing estate planning discussions with “why” is an effective tactic to simplify the process. Before we get to that, let’s do a quick overview of estate planning.

What Is Estate Planning?

Estate planning is the process of deciding how your assets, finances, and personal wishes will be handled during your lifetime and after your death. An estate plan can include legal and financial tools like a will, trust, power of attorney, and healthcare directive. Together, these documents help outline who receives your assets, who can make decisions on your behalf if you’re unable to, and how your legacy is managed over time.

While many people associate estate planning with wealth, it’s not just about money. It’s about creating clarity—so your loved ones aren’t left guessing or navigating unnecessary legal and financial complications during already difficult moments

Estate Planning vs. Financial Planning: What’s the Difference?

Comprehensive financial planning covers various topics, including investment management, tax planning strategies, risk management and insurance, retirement income planning, financial planning and estate planning. Financial planning is about achieving financial goals like paying for college, starting a business and retirement. While estate planning is more tailored, it ties in with the general focus of financial planning. In other words, the two go hand-in-hand, but you don’t want to confuse them.

Think of estate planning as outlining the who, what, when, and how of your asset distribution after you’re gone. If you meet with a financial advisor about estate planning, you might address the following key elements:

• Estate distribution planning, such as wills and trusts.
• Financial tools including life insurance, 529 plans, Roth Child IRAs, and more.
• Planning the transfer of wealth across generations through different forms of inheritance and beneficiary reviews and strategies.
• Charitable giving, such as by using charitable remainder trusts.

When to Start Estate Planning

It’s not uncommon to regard estate planning as some distant obligation that you’ll only have to start thinking about “later in life.” Unfortunately, formal estate planning typically begins much earlier than that, after being initiated by some triggering event. This trigger could be a health scare or the death of someone you care about, which then causes you to reevaluate your financial situation. Other examples include a sudden change in wealth due to promotion, selling a business, or inheritance.

Whatever the cause, it is never too early to start thinking about what will happen with your wealth after you’re gone. Estate planning can seem daunting because it intersects with many of life’s complexities and unknowns. Starting with “why” provides an approachable launchpad to help kickstart the process.

Define Your Estate Planning Goals: Start With Your “Why”

Life doesn’t get easier as you accumulate wealth - it gets more complicated. Finding your “why” at the outset can help make something difficult feel manageable regarding estate planning. As explained by Simon Sinek in his Ted Talk, focusing on the bigger picture and determining your core motivations by asking “why” will yield better results than starting with the “what” or “how.”

From personal experience, if you dig deep enough, you’ll always find one big “why.” You may come across many smaller “whys” around it before you hit gold, but you’ll find it if you keep searching. Clarifying that one driving purpose is the critical first piece of my estate planning strategy because it allows us to structure the rest of the process around it. If that motivation isn’t established, things stay as complicated or become even more complex.

When clients dig for their “why,” they often find that it’s not solely about them as individuals, even if they initially thought it would be. Instead, their “why” is usually about something greater than themselves, be it their family, community, legacy, or specific charity or cause. For instance, if a client thinks their “why” is to buy a yacht, it’s not because they want to own a big boat. In reality, they want to make memories with their children that they’ll remember for the rest of their lives.

It’s essential to spend time digging deep and figuring out the primary driver of your estate plan. Sometimes, it’s as simple as determining what happens with your assets and who has power of attorney. Other times, it gets as high-level as defining how you will leave your legacy or how you can best contribute to a specific cause that motivates you. Once you find the “why” and understand it, then the planning process becomes clear.

Real-Life Example: Finding Your Estate Planning “Why”

Personally, discovering my own “why” has allowed me to grow as a financial advisor. Instead of planning for my future, I found that my biggest motivation was to be able to provide for my two sons, who are on the autism spectrum, when I’m no longer here. This realization significantly clarified my estate planning goals and allowed me to focus on what matters. Being able to focus on that core “why” instead of the “what” and the “how” is an essential lesson for anyone considering the planning process.

Estate Planning FAQs

What Happens If You Don’t Have an Estate Plan?

If you don’t have an estate plan, state laws determine how your assets are distributed—often through probate. This can lead to delays, added costs, and outcomes that may not reflect your wishes. It can also create stress for loved ones, especially if decisions around guardianship, healthcare, or financial authority aren’t clearly documented.

Who Benefits Most From Estate Planning?

Estate planning isn’t just for the ultra-wealthy—anyone with assets, dependents, or specific wishes can benefit. It’s especially important for parents, homeowners, business owners, and individuals who want to control how their assets are distributed or reduce the burden on loved ones.

What Are the Disadvantages of Estate Planning

Estate planning can feel time-consuming and sometimes involves upfront costs for legal and financial guidance. Plans also need to be updated over time as your life changes. However, many people find these drawbacks are outweighed by the clarity, control, and peace of mind an estate plan provides.

What Documents Are Included in an Estate Plan?

Most estate plans include a will, and may also include a trust, power of attorney, and healthcare directive. These documents help outline how your assets are handled and who can make decisions on your behalf if needed.

When Should You Update Your Estate Plan?

You should review and update your estate plan after major life events—such as marriage, divorce, having children, buying a home, or significant changes in wealth. Even without major changes, it’s a good idea to review your plan every few years.

How to Get Started with Estate Planning

If you’re interested in starting the conversation about estate planning, then you’re in the right place. Wealth Enhancement Group’s Roundtable™ approach to advising means you’ll receive input from a collaborative team of financial professionals, touching on all aspects of wealth in all its complexity.

Whether you’re looking into estate planning, charitable planning, tax management, trusts, or simply doing well while doing good, booking a free no-obligation meeting with our advisors is the best place to start.

This information is not intended as a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

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