February Financial Wellness Webinar Recap: Estate Planning Essentials - Protecting the Ones You Love

Estate planning is one of those topics most of us mean to get to “eventually” - but life gets busy, the conversation feels uncomfortable, and it’s easy to assume it can wait. In our recent financial wellness webinar with Charles Schwab, Andy Franco, CFP walked through Estate Planning Essentials: Protecting the Ones You Love, and the central takeaway was simple: estate planning isn’t only about money - it’s about clarity. When you take time to document your wishes, you reduce the chances that your loved ones are left navigating confusion, delays, or conflict during an already difficult time.

A major theme from the session was that estate planning is not just for the ultra-wealthy. Many people assume they don’t need a plan because their finances “aren’t complicated,” their spouse will automatically receive everything, or beneficiaries listed on a few accounts will cover it all. In reality, the need for an estate plan often has less to do with net worth and more to do with real-life circumstances: minor children, a blended family, assets titled in one person’s name, or property owned in ways that may trigger probate. Without clear instructions, the default outcomes are driven by state laws and court processes - not necessarily by what you would have wanted.

Another key point: estate planning isn’t just about what happens when you die - it’s also about what happens if you become incapacitated. Many families are surprised to learn that a spouse or adult child may not automatically have the authority to manage financial accounts or make medical decisions without the proper legal documents in place. Andy underscored how stressful and time-consuming it can be when families have to pursue court involvement simply to access funds or handle basic financial tasks. Putting plans in place ahead of time - like financial powers of attorney and healthcare directives - can help protect both your well-being and your family’s ability to support you.

From a practical perspective, the webinar outlined a few foundational tools that can help bring an estate plan to life: account titling, beneficiary designations, wills, and in some cases trusts. Beneficiaries are critical for certain assets (like retirement accounts and life insurance), but they don’t apply to everything. Wills can provide direction, name a personal representative, and - most importantly for many families - designate guardians for minor children. Trusts can help streamline how assets are distributed and may avoid probate, but only when they’re properly set up and maintained (including ensuring assets are actually titled in the name of the trust). The point isn’t that everyone needs every tool - it’s that everyone benefits from having a plan that matches their situation.

If you’re not sure where to start, the best first step is often the simplest:

• Inventory what you have: list your key assets/accounts and how each one is titled (individual, joint, TOD/POD, etc.).

• Review beneficiary designations: confirm beneficiaries are listed (and current) on items like 401(k)s, IRAs, and life insurance.

• Identify the gaps: note what doesn’t have a beneficiary and what might be subject to probate.

• Choose your people: decide who you would want to serve as a guardian (if you have minor children), financial power of attorney, healthcare decision-maker, and executor/successor trustee.

• Talk to the right professionals: work with a qualified estate planning attorney (and a financial professional as needed) to document your plan properly for your state.

• Set a reminder to update: revisit after major life changes—marriage/divorce, a move to a new state, new children, or major asset changes.

This material is provided for educational purposes only and is not intended to constitute investment advice or an investment recommendation regarding any products, strategies, or securities in particular. You are solely responsible for evaluating and acting upon the education and information contained in this material. ©2026 Newfront Retirement Services, Inc. (CRD #167641)