Love is an ACTION! 9 Steps To Protecting Your Loved Ones and Your Legacy

Executive Summary

Estate planning is not just for the wealthy; it’s a vital process for anyone who wants to protect their loved ones, preserve their legacy, and ensure their wishes are followed. From drafting a will to naming guardians, managing assets, and planning for long-term care, estate planning empowers you to take control of your legacy with confidence and compassion.

Want to watch an in-depth exploration of this topic? Check out this video on my YouTube channel, @savvysteward: Love is an ACTION! 9 Steps To Protecting Your Loved Ones and Your Legacy

Love is an ACTION! 9 Steps To Protecting Your Loved Ones and Your Legacy

Estate planning is about protecting what matters most—your loved ones, your legacy, and the life you’ve built. It allows you to provide clear guidance for handling your affairs, easing the burden on your family and ensuring your intentions are carried out. Yet, despite its significance, 67% of adults DON’T have an estate plan.

Why do so many avoid this crucial task? For some, it’s the discomfort of facing their own mortality. For others, it’s the misconception that estate planning is only for the wealthy. But the truth is, estate planning is for everyone—regardless of age, income, or family structure. Whether you’re protecting your children’s future, preserving a family business, or ensuring your healthcare preferences are followed, having a plan is an act of love and responsibility.

What is estate planning, and why does it matter?

Let’s start with the basics. Estate planning is simply about answering two questions:

1. What happens to everything you’ve worked for when you’re gone?
2. Who makes decisions for you if you can’t make them yourself?

It’s not just for the wealthy, and it’s not just for retirees. It’s for anyone who cares about what happens to their family, their assets, and their values.

I like to think of estate planning as an act of love. It’s how you protect the people and priorities that matter most to you—so they aren’t left sorting through legal messes or guessing what you would’ve wanted. Trust me, someday isn’t the time to deal with it. By taking action now, you can save your loved ones from unnecessary stress down the road.

What happens if you don’t have an estate plan?

Without an estate plan, the court system decides how your assets are distributed, who raises your children, and even who makes decisions on your behalf if you become incapacitated. This process, known as intestacy, can lead to outcomes you never intended.

For example:

• Your children’s future: Without a will, the court decides who becomes the guardian of your minor children, potentially causing disputes.
• Your assets: The state’s default rules may send your hard-earned savings to unintended heirs, like an estranged relative.
• Your healthcare and finances: Without powers of attorney, decisions about your care and finances could fall to someone who doesn’t know your preferences.

Estate planning ensures these critical decisions reflect your wishes—not the court’s..

Who needs an estate plan?

AtYou do. It doesn’t matter how much you have or what stage of life you’re in. Here are a few situations where an estate plan is absolutely essential:

1. Single Professionals: Even if you don’t have kids, naming beneficiaries and powers of attorney protects your assets and decisions.
2. Families with Kids: This is a big one. You need to name guardians for your children and ensure their care is planned for.
3. Married Couples: Make sure your spouse is protected and that your assets pass according to your wishes.
4. Business Owners: You’ve worked hard to build your business—don’t leave its future up to chance.
5. Retirees: Now’s the time to protect your legacy and ensure your wealth is used wisely.

At the end of the day, if you’ve got people or priorities you care about, you need a plan.

What documents are essential in estate planning?

The key documents in estate planning include:

1. Will: Outlines how your assets will be distributed and names guardians for minor children.
2. Power of Attorney: Assigns someone to make financial decisions on your behalf if you’re unable to.
3. Healthcare Directive: Specifies your medical preferences and appoints someone to make healthcare decisions for you.
4. Trusts: Provides control over how and when your assets are distributed, especially for children or specific goals.
5. Beneficiary Designations: Ensures your life insurance, retirement accounts, and other assets go to the right people.

These documents work together to make sure your wishes are carried out. Without them, your loved ones are left guessing—and the courts could decide for you.

How does estate planning protect your children and family?

Retirement planning looks very different today than it did for previous generations. With the decline of If you have children, naming a guardian is one of the most critical decisions you’ll make. Without this in place, a court—not you—will decide who raises them. For parents, this can be an unthinkable scenario, especially if disagreements arise among family members. By naming guardians, you ensure your children are cared for by someone who shares your values and can provide the stability they’ll need.

Planning also protects other members of your family:

• Spouses: Proper planning allows your spouse to access funds for living expenses, mortgage payments, or healthcare costs without unnecessary delays or legal hurdles.
• Blended Families: For blended families, a clear plan eliminates confusion and ensures assets are distributed fairly among all loved ones.
• Aging Parents or Dependents: If you’re supporting elderly parents, special-needs children, or other dependents, tools like trusts can provide ongoing care and financial support.

Estate planning removes emotional and financial stress for your family by minimizing legal battles, clarifying your wishes, and preventing uncertainty. From managing your finances if you’re incapacitated to passing on sentimental belongings, a well-prepared plan gives your loved ones guidance and stability when they need it most.

What role does estate planning play for business owners?

If you own a business, your estate plan isn’t just about you—it’s about your employees, clients, and family members who rely on it.

Think about this: if something happens to you, what’s the plan for your business? Without a succession strategy, operations could stall, and tensions could rise among heirs who don’t share the same vision.

For example, if one of your kids wants to run the business but the others want to sell, you need a plan that keeps the peace while protecting what you’ve built. Tools like buy-sell agreements or trusts can help ensure a smooth transition and prevent your business from becoming a burden.

Estate planning allows you to:

• Create a succession plan: Identify who will take over the business and ensure they have the resources to succeed.
• Prevent disputes: Clarify ownership and decision-making to avoid conflicts among heirs.
• Protect business continuity: Tools like buy-sell agreements ensure your business can continue operating smoothly after your passing.

Without a plan, your business could stall, creating financial and emotional strain for your family, employees, and clients.

How can you create or update an estate plan?

Estate planning doesn’t have to be overwhelming. Here’s how you can get started:

1. Take inventory of your assets: List everything you own, including property, savings, retirement accounts, and sentimental items.
2. Draft a will: Outline how your assets will be distributed and name guardians for your children.
3. Appoint powers of attorney: Choose trusted individuals to handle your finances and healthcare decisions.
4. Review beneficiary designations: Update your retirement accounts and life insurance policies to ensure they align with your wishes.
5. Consider trusts: Use trusts to protect assets, manage distributions, or address specific family needs.
6. Plan for long-term care: Explore options like long-term care insurance to avoid depleting your assets later in life.
7. Communicate your plan: Share your wishes with your loved ones and key decision-makers to prevent confusion.
8. Work with professionals: Consult a financial advisor or estate planning attorney to ensure your plan is legally sound.
9. Review regularly: Update your plan after major life events, like marriage, the birth of a child, or acquiring new assets.

Estate planning is more than a legal process—it’s a way to show love, protect your family, and ensure your wishes are honored. Whether it’s naming a guardian for your children, preserving family harmony, or securing your legacy, the steps you take today can make all the difference tomorrow.

Putting a plan in place gives those closest to you clarity and direction when they need it most, sparing them unnecessary stress or uncertainty. An estate plan is not about wealth or complexity—it’s about making intentional, thoughtful choices.

Because love isn’t just something you feel—it’s something you do.

Contact Information

Keith Demetriades, CFP®, CKA®, is dedicated to helping individuals, families, and organizations integrate faith-based principles into their financial planning. Oikonomia is a foundational concept in his practice, reflecting his commitment to ethical and values-driven financial management.

Keith welcomes conversations about the topics discussed in this piece and is available to assist in creating a financial plan that aligns with your faith and values. For more information or to start a conversation about your financial future, contact Keith Demetriades at (806) 223-1105 or visit his website at https://www.kingsview.com/advisor/keith-demetriades/.

Disclaimer: The information provided in this blog is for educational purposes only and should not be considered financial advice. Please consult a qualified financial advisor to discuss your specific situation and needs. Past performance does not indicate future results, and all investments carry risks, including potential loss of principal. Any financial product or strategy references are purely illustrative and should not be construed as endorsements or recommendations.