For many people, estate planning feels like a stack of legal documents that gets signed once and then filed away in a drawer.

In reality, a good estate plan is more than just a will. It is a combination of documents, account setups, and clear instructions that work together so your wishes are actually carried out, your family knows where to start, and someone you trust can step in if you cannot make decisions for yourself.

At On Purpose Financial, we do not draft legal documents, but we do sit at the intersection of your investments, your goals, and your estate plan. That means we often help clients make sure that what they intend on paper is actually reflected in how their accounts, beneficiaries, and digital life are set up in the real world.

Below are a few key pieces to review and keep up to date.

Make sure your accounts match your estate plan

One of the most common estate planning gaps we see is a mismatch between what a will or trust says and what is actually listed on your accounts.

You might have worked with an estate attorney to create a thoughtful plan. But if the beneficiaries on your IRAs, 401(k)s, life insurance policies, and other accounts do not line up with that plan, those assets may not go where you think they will.

For example, retirement accounts and life insurance generally pass by beneficiary designation, not by what is written in your will. That means:

• Earlier in life, the priority is often making sure you have named beneficiaries at all.
• Later in life, the priority becomes making sure those beneficiary designations are still appropriate and aligned with your current wishes.

We knew of one instance where a 401(k) still listed an old girlfriend as the beneficiary decades later instead of the decedent’s wife. Legally, that money would belong to the named beneficiary, even if everyone agrees it was an oversight. In that case, an attorney was able to persuade her to disclaim the benefit, but it would have been far simpler if the designation had been updated earlier.

This is a good example of where we coordinate with clients’ estate attorneys: we help review accounts and beneficiaries so the legal plan and the financial reality match.

Durable powers of attorney and medical directives

Estate planning is not only about what happens after you die. It is also about what happens if you are alive but unable to make decisions for yourself.

That is where powers of attorney and healthcare directives come in.

• A durable power of attorney allows a trusted person to act on your behalf for financial matters and remains in effect even if you become incapacitated.
• For healthcare decisions, documents vary by state. In Georgia, for example, there is an advance directive for healthcare. Other states may call it a durable power of attorney for healthcare or something similar.

These documents are particularly important for young adults and single adults. Once a child turns 18, parents do not automatically have the legal right to access medical information or make healthcare decisions, even in an emergency. Having a healthcare directive or medical power of attorney in place can prevent a very difficult situation.

We encourage every adult to have:

• a durable power of attorney for financial matters, and
• an appropriate healthcare directive or medical power of attorney for their state.

Wills vs. trusts: what is the difference?

Clients often ask whether they need a trust or if a will is enough. The right answer depends on your situation, but it helps to understand the basic differences.

• A will outlines what happens to your assets after you die. It names an executor and specifies who receives what.
• A trust can also do that, but it can go further. In a single document, a trust can:
  • set up a structure for how assets are handled while you are still alive,
  • provide ongoing management for minor children, family members with special needs, or adults who are not prepared to manage a lump sum, and
  • include specific instructions about how and when assets can be used.

For example, a trust might be used to:

• hold funds for a grandchild with special needs,
• provide for a child who struggles to manage money,
• or ensure that assets are used for education, housing, or other purposes you specify.

We do not draft trusts, but because we understand your financial situation and goals, we can often tell when “just a will” may not be enough. In those cases, we will encourage you to talk with an estate attorney and go into that meeting already knowing which concerns you want addressed.

Simplifying and updating beneficiaries

Over time, people tend to accumulate multiple accounts: old 401(k)s, IRAs, annuities, and various investment or savings accounts, each with their own beneficiary forms.

Consolidating similar accounts, where appropriate, can:

• simplify life for you while you are alive, and
• make things much easier for the person who will be handling your estate.

Just as important is keeping the beneficiary list itself up to date. Life changes—marriage, divorce, births, deaths, moves, charitable priorities—and your estate plan should keep up.

Part of our ongoing work with clients is to periodically ask:

• Are these still the people (or charities) you want to receive these assets?
• Have relationships, family circumstances, or charitable interests changed?
• Does anything in your will, trust, or beneficiary list no longer reflect what you want today?

It is much easier to make those changes now than to have a surprise later.

The “executor notebook”: leaving a trail of breadcrumbs

When someone passes away, the to‑do list for the person handling their estate can feel overwhelming. Even straightforward estates require sorting through:

• bank and investment accounts,
• life insurance policies,
• retirement plans,
• utilities and household services,
• car and home insurance,
• and more.

We encourage clients to keep an “executor notebook” or central file—either digital, physical, or both—that leaves enough breadcrumbs to give their executor or family a clear starting point. It does not need to list every password or tiny detail; the goal is to answer questions like:

• Where do you bank and invest?
• Who is your financial advisor?
• Do you have life insurance, and with whom?
• What utilities and services are in your name?
• Who needs to be contacted if something happens?

Some firms and custodians have checklists or templates for this kind of document. We can help you think through what belongs in your version of an executor notebook, and whether a Raymond James resource might be a helpful starting point.

Do not forget your digital life

Our online lives have created a whole new category of “assets” that families need to deal with after a death.

Email accounts, cloud storage, photo libraries, social media profiles, video channels, and subscription services can all present challenges if no one has been given authority or instructions.

Different platforms handle this in different ways. For example:

• Some social media sites allow you to designate a legacy contact or specify what happens to your account if you die.
• Some services allow you to choose whether an account should be shut down or memorialized.
• Others require specific legal documentation before anyone can access or close an account.

It is worth thinking through:

• Who should have the authority to manage or close your digital accounts?
• Are there photos, documents, or other digital items you want preserved?
• Do you want certain online presences removed completely?

This is an area where a bit of planning, and perhaps a note in your executor notebook, can save your family a lot of confusion later.

Naming backups: successors and family conversations

Most estate documents allow you to name not only a primary person, but also successors.

• In a power of attorney, you can name a primary person to act on your behalf and then one or more backups if that person cannot or will not serve.
• In a will, you can name an executor and then successors if the first choice is unable to act.

Having successors already named can be very important. For example, if a spouse is named as executor but is not emotionally or physically able to take on that role when the time comes, a named backup gives the court and the family clear direction about who steps in next.

Beyond the documents, we often encourage clients to hold periodic family meetings to share what is important to them. These are not always detailed financial discussions; they are value discussions:

• Why is charitable giving important to you, and how do you hope your family will continue it?
• How do you want family members with special needs to be cared for, and who has been asked to help manage those resources?
• What do you want your children or grandchildren to understand about how you have handled money?

These conversations can help your documents make more sense to the people who will one day be responsible for carrying them out.

Who helps with all of this?

If all of this feels like a lot, that is because it is. A solid estate plan usually involves several people working together:

• An estate attorney drafts and updates the legal documents (wills, trusts, powers of attorney, healthcare directives).
• Your financial advisors at On Purpose Financial understand how your assets are structured, where your money is, and what you are ultimately trying to accomplish.
• Your family and other trusted people may be named as agents under powers of attorney, executors, trustees, or legacy contacts for digital accounts.
• Other professionals, such as CPAs, may help with tax planning related to inheritances and charitable gifts.

Our role is to help connect the dots between your values, your financial accounts, and your legal documents. When you meet with us first, we can help you think through:

• whether a trust might be helpful or whether a will and clear beneficiaries are sufficient,
• how to align charitable giving with the types of accounts you own,
• how to structure beneficiaries so the right people and organizations receive the right assets, and
• what questions to bring to your estate attorney so your time together is well spent.

Because we work with clients over many years, we are also there as life changes. Divorce, remarriage, moves, new grandchildren, changing charitable priorities—these can all be reasons to revisit your plan. We are committed to checking in with you on these topics, not just once, but as part of an ongoing relationship.

If you are ready to review your estate plan, or you are not sure whether your documents, accounts, and digital life all match what you intend, we would be glad to help you get started. You can start a conversation with our team at onpurposefinancial.com.

Disclaimer: This article is for educational purposes only and is not tax, legal, or Medicare plan advice. Consult a licensed Medicare professional and your tax advisor for your situation. Material Prepared by Tic Tac Toe Marketing, an independent third party. Any opinions are those of the author, are subject to change without notice and are not necessarily those of Raymond James. This material is being provided for information purposes only and does not purport to be a complete description of the securities, markets, or developments referred to in this material and does not constitute a recommendation. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Investing involves risk and investors may incur a profit or a loss regardless of strategy selected. Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax or legal issues, these matters should be discussed with the appropriate professional.