10 Things You Should Know About Estate Planning

At J.F. Williams Co., Inc., we often say that estate planning isn’t just about documents; it’s about decisions. It’s the process of thinking ahead so the people and causes you care about are protected, even when you’re no longer here to make those decisions yourself.

Whether your estate is relatively simple or includes multiple properties, investment accounts, business interests, or heirs with unique needs, estate planning is essential. And in 2025, it’s more important than ever to approach it with clarity.

Here are 10 key things we want you to know.

1. You need more than just a will.

Many people think a will is enough. It’s not. A will only takes effect after death and still requires probate, a public, often lengthy legal process. It also doesn’t address who can act on your behalf while you’re living but incapacitated. A complete plan should include:

• A durable power of attorney.
• A healthcare directive or living will.
• Beneficiary designations.
• Possibly one or more trusts.

Each plays a distinct role in ensuring your wishes are carried out smoothly.

2. Outdated beneficiary designations can undo your wishes.

A common estate planning mistake: assuming your will overrides everything. In reality, assets like retirement accounts, life insurance, and some brokerage accounts pass directly to the named beneficiary, regardless of what your will says.

We’ve seen situations where an ex-spouse inherits a retirement account simply because the form was never updated. Review your beneficiaries at least every few years or after any major life change.

3. Trusts aren’t just for the ultra-wealthy.

Trusts can be powerful tools, and they’re not just for millionaires. A trust allows your assets to bypass probate, stay private, and be distributed according to your terms. For example, you can:

• Delay inheritance until a child reaches a certain age.
• Protect assets from creditors or lawsuits.
• Support a loved one with special needs.
• Set conditions for how the money is used.

We help clients determine whether a revocable living trust, irrevocable trust, or other structure makes sense for their specific goals.

4. The estate tax laws may be changing… again.

In 2025, the current historically high federal estate tax exemption is scheduled to sunset, potentially cutting the exemption in half. That could expose more estates to taxation than in years past. If your estate is close to or above that threshold, now is the time to act.

Gifting strategies, charitable donations, and certain types of trusts may help reduce future tax burdens. Every situation is different, so proactive planning is essential.

5. You should plan for more than your assets; plan for yourself.

What happens if you’re unable to make decisions for yourself due to illness or injury? A power of attorney (for financial matters) and a healthcare proxy (for medical decisions) are foundational.

Without these, your loved ones may face court proceedings just to pay your bills or make healthcare decisions on your behalf. Having these documents in place gives everyone clarity during uncertain times.

6. Pets and digital assets need planning, too.

Your estate includes more than money and property in today's world. Think about:

• Your pet: Who will care for them? Will you leave funds for their support?
• Your digital footprint: Who can access your online accounts, passwords, cloud storage, or cryptocurrency?

A modern estate plan addresses both and ensures they’re not overlooked.

7. If you have minor children, please name a guardian.

This is one of the most important and emotionally difficult parts of planning for parents. If something happens to you and your partner, who steps in?

Without naming a legal guardian in your will, the courts will decide. That process can be lengthy, uncertain, and emotionally draining for your family. It's not a fun conversation, but it's one of the most loving things you can do for your children.

8. Your estate plan should reflect your values.

Do you want to support a cause you care about? Pass on family traditions? Help future generations with education costs?

We believe estate planning is more than passing down dollars, it’s about passing down intention. Whether you want to include charitable giving, create a legacy plan, or leave instructions for how your heirs should use their inheritance, we can help you put it all in writing.

9. Plans should be reviewed, not just created.

Life changes. So should your estate plan. Marriage, divorce, births, deaths, a new home, a business sale — any of these warrant a review.

We recommend checking in on your estate plan every 3–5 years (or sooner if something significant happens). You don’t always need to start from scratch, but you should make sure your documents still reflect your wishes and reality.

10. Estate planning is not one-size-fits-all.

Every family is different. So is every estate. Our role is to help you think through the "what ifs" that apply to your specific life, not just hand you a template.

We take the time to understand your complete financial picture, walk you through your options, and help you make decisions that reflect both your head and your heart.

Estate Planning Shouldn’t Be A Mystery

At J.F. Williams Co., Inc., we’re here to simplify the complex and guide you through the details. We know these decisions aren’t always easy, but they’re too important to ignore, and you don’t have to make them alone.

If you haven’t updated your estate plan recently, or if you’re not sure where to start, we’re here to help because thoughtful planning now means clarity and peace later. If you haven't updated your estate plan recently or don't know where to begin, we can help. Thoughtful planning today provides clarity and peace of mind for the future.