15 Common Reasons to Do Estate Planning

Why everyone should plan—whether you have a modest estate or significant assets

Estate planning isn’t just for the wealthy. Whether your estate is simple or complex, everyone has reasons to plan ahead. Below are 15 common motivations that drive individuals and families to take action — and why they matter for you.

1. Protect Loved Ones After You’re Gone

Ensure your spouse, children, or other beneficiaries are cared for on your terms, rather than leaving decisions to the courts.

2. Ensure Your Wishes Are Respected

Whether it’s who inherits, when they inherit, or how assets are distributed, you control how your legacy is handled—not chance or ambiguity.

3. Avoid or Reduce Probate

Probate is time-consuming, expensive, and public. Proper planning (via trusts, titling, etc.) can help your family avoid or minimize the probate process.

4. Provide for Minor Children

If your children are young or dependents, you can designate guardians, trusts, or structured inheritance plans to protect their future.

5. Plan for Incapacity

Accidents, illness, or aging can leave you unable to make decisions. A durable power of attorney, advance health care directive, or trust-based structure gives someone you trust authority to act for you.

6. Minimize Estate and Gift Taxes

With thoughtful planning—lifetime gifting, trusts, and exemptions—you may reduce taxes and preserve more for your heirs.

7. Preserve Assets from Creditors or Lawsuits

In certain circumstances, your estate plan can protect your assets from future claims, creditors, or legal risks.

8. Care for a Special Needs Family Member

If someone in your family has special needs, a specialized trust or plan ensures they’re cared for without jeopardizing their access to government benefits.

9. Manage Business Succession

If you own a business, your estate plan should include a succession plan so your business can continue or be transferred smoothly when you retire, become incapacitated, or pass away.

10. Prevent Family Disputes

Clear, up-to-date documents reduce ambiguity and potential conflict among family members after you’re gone.

11. Protect Digital Assets

Your online accounts, photos, cryptocurrencies, domain names, and social media all need direction — without planning, these assets can become inaccessible or lost.

12. Support Charitable Causes

If leaving behind charitable gifts or funding a foundation is part of your legacy, your estate plan can structure that giving efficiently and effectively.

13. Maintain Privacy

Unlike probate court records — which are public — many trust-based plans keep your financial affairs and inheritances private.

14. React to Life Changes

Major events like marriage, divorce, births, deaths, or business acquisitions all make it necessary to revisit your plan to ensure it still reflects your wishes.

15. Peace of Mind

Above all, estate planning gives you confidence. You’ll know your loved ones are protected, your assets are managed wisely, and your legacy is secure.

Where to Start

  1. Inventory Your Assets — Real estate, bank accounts, investments, business interests, life insurance, and digital holdings.

  2. Write Down Your Goals & Wishes — Who should inherit? When? Under what conditions?

  3. Consult an Estate Planning Attorney — Tailor documents (wills, trusts, powers of attorney) to your specific situation and Hawaiʻi law.

  4. Review & Update Regularly — Life evolves. Review at major milestones or every few years.

  5. Communicate with Your Loved Ones — Let trusted family or friends know where your documents are, who your advisers are, and what your general wishes are.

Ready to Get Started?

At Sterling & Tuckers, we help local Hawaiʻi families and business owners build estate plans grounded in your values, protected under local law, and flexible enough to adapt over time.