From the Desk of Dale Crossley and Evan Shear | Q2 2025

Planning for the Future: Why Estate Planning Matters More Than You Think

We hope this edition of The Journey finds you and your loved ones well. We’re all feeling the current market volatility. The roller coaster is uncomfortable, to say the least, but our investment plans are built to help manage the inevitable ups and downs. With so much turmoil in the markets, we decided not to write an article trying to predict the outcome of this recent instability. History tells us that instability eventually passes. Instead, we’ve decided to use this article to focus on where we have a bit more control right now – encouraging you to ensure you have an estate plan in place. And if you do have an estate plan, updating it regularly is vital.

As financial planners with over 25 years of experience guiding clients through every stage of their financial journeys, we’ve come to appreciate that estate planning is one of the most misunderstood—and yet most essential—components of a comprehensive financial strategy. Over the years, we’ve witnessed firsthand the confidence a well-structured plan can bring, as well as the challenges families face when those plans are absent or incomplete. Estate planning isn't just about distributing assets after death. It's about ensuring your wishes are respected, your loved ones are cared for, and your legacy lives on as you intend.

A well-constructed estate plan outlines everything you want accomplished during hardships. Like a will, legacy planning summarizes your intentions for, well, everything. The plan establishes what happens to assets and what you want for your family and business should you find yourself unable to make these decisions. It stipulates medical interventions that simplify decisions that may mentally cripple loved ones. Unlike a will (a part of the estate plan), making arrangements for an estate is a more comprehensive set of documents and strategies that solidify the distribution of assets and plans for you, family members, business associates, etc. Its scope is broader than a will and addresses lifetime and post-death situations.

Having an estate plan in place helps reduce or even eliminate potential conflicts that could arise in the event of incapacitation. Therefore, regularly reviewing your estate plan helps make any necessary updates to keep it current.

Key Elements That Impact Estate Planning

Legacy planning ensures your assets are managed per your wishes when necessary. Like a will, it outlines distribution and responsibility across any party or entity that you choose. The document delegates decision-making, provides for loved ones, details medical and financial matters, and alleviates the stress for those left behind. It sidesteps complexities associated with regional estate laws like probate and can minimize tax enforcement and other burdens.
However, making arrangements for the estate is not set in stone. People and situations change and, in turn, could significantly impact what happens to your estate. This includes:

● Marriage and remarriages
● Divorce
● Children
● Deaths
● Business purchases or sales
● Relocation
● Health changes
● Changes in relationships
● New tax laws
● Income or family growth

Estate plans must account for life changes. If not, the plan can attempt to execute no longer relevant actions. You want to include new spouses and adopted children. The document may need altering because an ex-wife/husband is out of the picture or you have specific instructions for a revamped board membership. You may want to change the power of attorney. New conditions may influence health directives, guardianship of minor offspring, or require valid documentation for the state where you've bought the property. The passing of a fiduciary could create unnecessary complexity if they're left in the estate plan.

Not updating plans can lead to conflict, completely negating the document's intent.

Reviewing Your Estate Plan: The Steps

At CrossleyShear, we highly recommend revisiting your plan at regular intervals. At the least, we suggest every three to five years, even if life has seen no major upheavals. A situation can arise that you may not even know makes a change necessary. You might want to include funding for a grandchild’s education, adjust for your children reaching adulthood, or create a trust to support a loved one with special needs.
Periodically reviewing your estate plans ensures your legacy is preserved and passed on according to your wishes. Without periodic assessments, the chances of missing a detail are significantly increased. That's a detriment to everyone and your intent, creating the very legal quagmire you hope to avoid.

CrossleyShear helps ensure that your affairs are compliant for:

● Fiduciary roles
● Asset titling
● Beneficiary designations
● Liability protection
● Adult children's estate plans
● Estate tax mitigation steps
● Pre-planning for medical and funeral arrangements
● Compilation and security of records

Tailored Estate Planning at CrossleyShear

CrossleyShear enhances well-being and confidence by setting up sound financial planning. And we understand that the strategies behind estate planning need personalization. We do not apply one-size-fits-all methodologies for managing the future. Whether you're creating an estate plan or simply making sure yours is up to date, CrossleyShear can help guide you through the process with coordinating with your estate attorney and CPA, working together as a unified team.

Any opinions are those of CrossleyShear Wealth Management and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. All opinions are as of this date and are subject to change without notice. Past performance is not a guarantee of future results.