Last month, I wrote about pre-planning your funeral and referred to it as your “Last Big Event.” While that may have generated a few smiles, planning the event itself is only part of the equation. After all, once the guests go home, somebody still needs to follow the instructions. That’s where your estate planning documents come in.

Most people spend more time reviewing their cell phone plan than they do reviewing their estate plan. Unfortunately, one of those decisions tends to have a much longer shelf life. If you have a complete estate plan, you may notice that we periodically revisit your estate planning documents and review a summary with you. By estate plan, I mean the key documents that help guide decisions in the event of death or incapacity, including your will, trust (if applicable), durable financial power of attorney, healthcare power of attorney, and related documents.

We do this because estate plans should evolve as your life evolves. The documents you signed ten years ago may have been perfect at the time, but a lot can happen in a decade. Children grow up, grandchildren arrive, assets change, family circumstances evolve, and occasionally the person you once trusted is someone you can no longer imagine putting in charge of anything important.

A meaningful review often starts with two simple questions:

• Who should benefit from my estate?
• Who should be responsible for carrying out my wishes?

Who Should Benefit?

The answer often depends on your stage of life and the nature of your assets.

For a young family, beneficiaries are frequently a spouse and children. However, life insurance can sometimes create planning considerations that are easy to overlook. A family may view its estate as relatively modest, but a substantial life insurance policy can quickly change the math. Suddenly, the question is no longer, “Who gets my stuff?” but “Who manages a significant amount of money until the kids are ready for it?”

For retirees and pre-retirees who have accumulated significant wealth, estate planning may extend beyond immediate family members. Some individuals choose to include grandchildren, other relatives, friends, charitable organizations, or other causes that are important to them.

Who Should Be in Charge?

Once you have identified who should benefit, the next question is who should be responsible for carrying out your wishes. Depending on your circumstances, that person may be:

• A surviving spouse
• An adult child
• Another trusted family member
• A close friend
• A professional fiduciary, such as a trust company

Being named executor or trustee is often viewed as an honor. It’s also a job. Sometimes a very difficult one. A useful test is to ask yourself: Who would I trust to organize a complicated project, manage deadlines, keep good records, and handle difficult conversations? If someone’s idea of organization is a pile of unopened mail on the kitchen counter, they may not be your first choice. Likewise, the person who is constantly resetting their password may not be the ideal candidate to oversee a complicated estate.

In some situations, a professional trustee or fiduciary may be worth considering, particularly when estate administration is expected to be complex or when assets may remain in trust for many years. While many family members are fully capable of serving in these roles, some families prefer not to place that responsibility on loved ones.

Should Assets Be Distributed Outright or Held in Trust?

One of the most important discussions in estate planning is whether beneficiaries should receive assets outright or whether some assets should remain in trust. In other words, are you handing over the keys all at once, or would you prefer a few guardrails? A trust may provide professional management and oversight while offering a framework for how and when distributions are made. Whether that approach makes sense depends on the goals of the person creating the plan and the needs of the beneficiaries.

Examples of situations where families often discuss the potential benefits of ongoing trust management include:

• Minor children or young adults
• Beneficiaries with special needs or disabilities
• Concerns regarding substance abuse or gambling
• Significant creditor or lawsuit concerns
• Unstable family circumstances
• A history of financial mismanagement or overspending

Every family is different, and there is no one-size-fits-all solution. What may be appropriate for one beneficiary may not be appropriate for another. For example, one child may save every dollar, maintain color-coded spreadsheets, and ask thoughtful questions about investing and another may believe their retirement strategy is buying lottery tickets and hoping for the best.

Parents often struggle with balancing fairness and practicality. After all, treating everyone the same and treating everyone appropriately are not always the same thing.

Planning for a Surviving Spouse

Planning for a spouse often requires a separate analysis. Questions that families frequently discuss with their estate planning attorney include:

• Should assets pass outright to the surviving spouse or remain in trust?
• How might the plan work in a first marriage versus a blended-family situation?
• How can the plan balance caring for a surviving spouse while also protecting an intended inheritance for children?
• What guidance should be provided to a trustee regarding future distributions?

One term that often appears in trust documents is the HEMS standard. HEMS stands for Health, Education, Maintenance, and Support, and it is commonly used to guide a trustee’s discretion when making distributions. The specific language and application can vary from one trust to another, which is one reason it can be valuable to review these provisions with qualified legal counsel.

Family dynamics can become especially important in blended-family situations. Everyone involved may have the best intentions, but balancing the interests of a surviving spouse, children from a prior marriage, and future generations can create planning challenges that deserve careful thought.

Other Important Questions to Review

Even if your documents have already been drafted, it can be helpful to periodically revisit questions such as:

• If a trust is involved, can it be amended, and under what circumstances?
• How are successor trustees selected?
• Are there clear procedures for replacing a trustee if necessary?
• What happens if the current trustee becomes unable to serve?
• How is incapacity defined and determined under the documents?

These details may not receive much attention when documents are first signed, but they can become extremely important years later.

The Importance of Coordination

Estate planning documents are often signed, placed neatly in a binder, and forgotten for years. The problem is that life doesn’t stand still just because the binder is sitting on a shelf. As financial planners, we do not provide legal advice or draft estate planning documents. However, we regularly review estate plans from a practical and financial perspective and occasionally identify provisions that may warrant further discussion.

That is why we believe it is important for financial advisors, estate planning attorneys, tax professionals, and clients to work together. When everyone is on the same page, there is a much better chance that the plan ultimately reflects both your wishes and your long-term financial goals.

Our goal is simple: to help ensure the plan still reflects your wishes, the right people are in the right roles, and no one is surprised by the outcome years down the road.

By then, the party will be over, and somebody else will have the keys. The question is whether you’ve left them good instructions.

Kristina Bolhouse, CPA/PFS, CFP®

President

© 2026 The Arkansas Financial Group, Inc., All rights reserved.

The Arkansas Financial Group, Inc. is a Fee-Only Financial Planning Firm located in Little Rock, AR serving clients in Arkansas and throughout the country.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by The Arkansas Financial Group, Inc. [“AFG]), or any non-investment related content, made reference to directly or indirectly in this commentary will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this commentary serves as the receipt of, or as a substitute for, personalized investment advice from AFG. AFG is neither a law firm, nor a certified public accounting firm, and no portion of the commentary content should be construed as legal or accounting advice. A copy of the AFG’s current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request or at www.arfinancial.com.

Please Remember: If you are a AFG client, please contact AFG, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.