Estate Planning Mistakes You Can’t Afford to Make | Wills vs. Trusts Explained!
- Ann Jahns
- 1 day ago
- 3 min read
August is Make-a-Will Month—a great reminder to take care of something many of us know we should do but often put off: estate planning.
This month’s KML Legacy Foundation vlog features Attorney David Streese, KML alum (’05) and local estate planning attorney, talking about wills, trusts, leaving a legacy of faith, and how to simply get started.
Do you really need a will?
According to David, a will is part of virtually every estate plan—even when a trust is the primary planning tool. And estate planning also isn’t just for older adults. Important documents may be appropriate at many stages of life, including when children turn 18.
A basic estate plan commonly includes:
A will and/or trust
Financial power of attorney
Healthcare power of attorney and healthcare directives
Proper beneficiary designations and asset titling
These documents help make sure the people you choose can make financial and healthcare decisions for you if you are unable to do so.
Will or trust: What’s the difference?
One of the questions David hears most often is this: “Do I need a will or a trust?”
A will provides instructions for what happens to your estate through the probate process. A revocable trust may offer additional advantages, including:
Avoiding probate for properly titled assets
Giving someone authority to manage and distribute property
Providing greater control over how beneficiaries receive assets
Offering additional opportunities for tax and asset-protection planning
The right approach depends on your family, assets, goals, and circumstances.
Don’t just create a plan—maintain it
One common mistake, according to David, is assuming estate planning is finished once the documents are signed. Beneficiary designations and ownership of assets need to work with your estate plan.
David recommends reviewing your plan about every five years, as well as after significant life changes such as births, deaths, marriage, divorce, or major financial changes.
Think of your estate plan as a set of living documents that should change as your life changes.
Leaving a legacy of faith
Estate planning also gives Christians an opportunity to consider the legacy they want to leave—not only for their families, but also for the ministries and causes they love.
Charitable giving can be incorporated in several ways, including:
Naming KML or another ministry in a will or trust
Giving a percentage or specific amount from an estate
Using giving tools like donor-advised funds, endowments, charitable gift annuities, or charitable remainder trusts
If you would like to explore ways to bless your loved ones while also supporting Christ-centered education for generations to come, I would be happy to help.
The hardest part? Getting started.
David’s advice for people who keep putting estate planning off is simple: “Don’t let perfect get in the way of good.” You don’t have to have every decision figured out before you begin. Getting a plan in place is far better than doing nothing—and changes can always be made later.
The KML Legacy Foundation also offers a free estate planning resource packet with worksheets to help you organize your information and prepare for a conversation with an attorney.
A special estate planning offer for KML families
David is offering a special discount to qualifying KML families:
$150 off a will or will-based estate plan
$300 off a trust or trust-based estate plan
The offer is available to new estate planning clients only. David will also extend the trust discount to an existing will client who is moving to a trust-based plan.
Simply mention the KML offer when scheduling your initial meeting with David. Reach out to his office directly at 262-533-4540 or visit dslegacylaw.com.
Join us for Estate Planning Night!
Join us for a free Estate Planning Night at KML with David. He will cover wills, trusts, powers of attorney, healthcare directives, probate, and other estate planning basics, with time for questions.
Wednesday, October 21 KML Legacy Foundation Fieldhouse Atrium Light refreshments: 5:30 p.m. Presentation and Q&A: 6:00-7:00 p.m.
Your Legacy, Their Future
If you would like free estate planning resources, help preparing for a conversation with an attorney, or information about including KML in your will or estate plan, I would love to visit with you. Please reach out to me!
Ann Jahns, Gift Planning Officer ann.jahns@kmlhs.org 262.677.4051 x4004