March 15, 2021

Estate Planning 101: Why Estate Plans Matter

Estate Planning 101: Why Estate Plans Matter

70% of people don’t even have a will. 

our primary goal throughout your working years is to support yourself, your family, and to create a lifestyle that also leaves a legacy. So, how is it that almost 70% of people don’t have even so much as a will? Many of us haven’t planned for transitioning our hard-earned wealth to others after we pass. While a financial plan sets a path for our retirement years, not having an estate plan is like letting all that work flounder.

Estate planning sets a guide for how the wealth you built can continue to grow and support your family after your death. It’s possible many of us imagine living until a ripe old age, but sadly, that’s not always the case. A will is a small part of an overall estate plan, but it’s one of the most valuable.

What Happens if You Don’t Have an Estate Plan?

If you don’t have an estate plan in place, there are a few ways things may go. Your dependents are left guessing on a variety of issues like what, how, and when they might inherit money or property, how they’ll pay for your funeral expenses, debts, and bills, and how you would have wanted everything to play out. Grief is a powerful emotion – even the National Mental Health Association has said that “the loss of a loved one is life’s most stressful event,” – no one wants to leave a financial headache to their grieving families.

If you die without a will, you’re referred to as having died intestate. Without a will, you (most likely) did not name an executor and your estate will move to a probate court where a judge will appoint someone to be your administrator

Generally, a person’s spouse will fill this role, then surviving children. If you have a disagreeable family, this process may go on until an administrator is appointed. Because every state has their own laws governing estates, they also have laws as to who can serve as administrators. In Oklahoma, for instance, if you have no family or next of kin, it’s possible for your creditors or “any legal and competent person” to step in to administer your estate. For many of us, that’s a hard pass, but if you don’t have a plan, you don’t have a say.

An Estate Plan Will Help Your Financial Plans

1. It can protect you.

An estate plan can protect you in that it gives you the ability to lay out your plans for your estate. You’re able to name an executor, and give financial and health powers of attorney so that even if you’re incapacitated, your wishes will be respected.

 2. It can protect your beneficiaries.

If you own property and have money in the bank, you would prefer it go to someone you designate, rather than someone you didn’t. Whether by will or trust, you can make sure your beneficiaries not only inherit what you wish, but that they’re able to be your estate’s decision-maker, and protect their inheritance from outside intervention. Additionally, if something happens to you and your spouse, and you have minor or young adult children, an estate plan can designate their guardians, and potentially pay for future expenses.

3. It’s more than a will.

It’s important to remember that a will is not an estate plan, it’s part of an estate plan. A will may bequeath your beneficiary a sum of money, but it doesn’t necessarily lay out conditions or prohibit how they might spend it. Additionally, an estate plan covers so much more – from finance and health powers of attorney, to living and revocable trusts, personal property memorandums, as well as end of life care directives. Many of us change or create our wills after significant events scare us into the realization we need to have our estates prepared – the Covid-19 pandemic saw a veritable race to get documents in order – but none of us wants to weather a storm outside, we’d rather have spent the time to build a shelter.

4. Save time and money

Not every estate will need to make its way through probate court, but if it’s complicated, your state may require it. With a plan in place, it could be (relatively) smooth sailing and fully distributed in a few months; without one, you could be looking at years. Planning ahead keeps your family safe, your wealth managed, and if nothing else, keeps your overall financial plan in the best possible shape.

5. Help you and your beneficiaries save on taxes.

A will can make a lot of provisions, but it won’t necessarily save you on taxes. For that, an estate planner or certified financial planner, can help you figure out how to avoid certain taxes, pay less, move assets into trusts, and more so you don’t give away your wealth to taxes.

Navigate the Challenges of Estate Planning with Professionals

At Fullerton Financial Planning, our goal is to help you enjoy your retirement with confidence, not worrying about whether you have enough money to enjoy it. Our certified fiduciaries and experienced investment advisors have decades of combined experience helping people find answers to difficult financial questions. Sit down with a Fullerton Financial Advisor today to discover if you are on the right track for your retirement goals. 

We understand how important your financial future is to you and your family; we also understand how difficult making these plans can be. Incorporating an estate plan into your overall retirement vision can be challenging tackling on your own, especially with such personal and complicated subjects. When you schedule a call with Fullerton Financial Planning, we’ll help you develop an all-inclusive plan that checks all the boxes and lets you sleep better at night.

Don’t leave your financial future to chance. Let us help you create a personalized plan so you can enjoy the retirement you’ve worked so long and hard for.

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What We’ll Cover in Your Retirement Review


Lifestyle Goals

What do you want retirement to actually look like? Travel, freedom, family, security — we start with the life you want, then build around it.


Current Assets

We’ll review what you’ve built — and help uncover smarter ways to use your 401(k), IRA, or savings more effectively for retirement income.


Income Planning

We’ll identify where your income will come from — and how to make sure it covers what you care about without relying too heavily on the market.


Risk & Tax Exposure

We’ll evaluate how your plan holds up to taxes, longevity, healthcare costs, and market shifts — so your income stays steady, even when life doesn’t.


Long-Term Strategy

We’ll help you turn what you’ve saved into income that lasts — without sacrificing the lifestyle you worked so hard to build.


The Next Steps

By the end of the meeting, you’ll have clarity on what’s working, what’s missing, and what to do next.

What You Get With Fullerton

  • A retirement income plan built around your lifestyle goals — not a generic formula
  • A coordinated investment and withdrawal strategy that supports income for life
  • Social Security timing guidance to help you get the most from your benefits
  • A reliable income floor — often supported by high-quality annuities with GLWBs, when appropriate
  • Tax-smart withdrawal strategies designed to adapt to changing laws and future needs
  • Personalized guidance on Medicare and long-term care planning
  • A clear roadmap for RMDs, Roth conversions, and income sequencing
  • Legacy and beneficiary planning that protects your spouse and supports your values
  • Ongoing reviews and proactive adjustments to keep your plan aligned as life evolves
  • Direct access to your advisor — no call centers, no hand-offs
  • A secure client portal with full access to your plan and documents
    Invitations to Fullerton’s exclusive client events and appreciation gatherings
  • A local, retirement-minded community with shared goals and values
  • Financial confidence for your spouse and family — with clarity, not complexity
  • Experienced, time-tested guidance from a leading independent Arizona-based planning firm focused on your future

Income
Planning

A strategy to turn your savings into reliable, steady income — so your lifestyle stays on track in retirement.

Tax
Planning

Smart planning to reduce future taxes and keep more of your money working for you.

Health Care
Planning

Protection against rising healthcare costs, including long-term care, built into your plan.

Risk
Management

A clear approach to guarding your wealth from market swings, inflation, and the unexpected.

Real Estate
And Legacy
Planning

A plan for your assets and property that preserves your legacy and supports your loved ones.

Planning With Fullerton

Relationship Building

You’re not just another account. At Fullerton, every relationship begins with real conversation — taking time to understand your values, priorities, and goals. That connection becomes the foundation for a plan that’s built around you, not a formula.

Personalized Experience

No two retirements are the same. Your strategy will reflect your unique goals, lifestyle, and financial position. Everything is tailor-made: your income structured, your tax plan, and the preservation of legacy. The difference in the details — because it is built around you.

Holistic Approach

A good plan looks beyond the numbers. Your lifestyle, your family, your values — it’s all connected. That’s why our planning process considers every part of your life, not just your portfolio — leaving no stone unturned.

See What Fullerton Can Do For You

Going from "I hope this works" to "I know I'm covered".

Experience You Can Trust

Retirement is too important to trust to a generalist. That’s why for over 20 years, Fullerton Financial Planning has focused exclusively on helping people transition from work to retirement — and thrive throughout it. We’re not trying to be everything to everyone. We’re built to help you do one thing incredibly well: Turn your life savings into reliable income and lasting financial confidence.

Why Families Across Arizona Trust Fullerton

  • Over 20 years helping Arizona retirees create income that lasts
  • Trusted by more than 2,000 Arizona households — and growing
  • Independent, fiduciary-based advice — no quotas, no product push
  • Certified Financial Planner™ (CFP®) professionals on staff
  • Regularly featured on ABC15, MoneyRadio, and financial education outlets
  • Local, in-person service — no national call centers or rotating advisor teams
  • Planning approach integrates investments, income, tax, Medicare, and legacy goals
  • Collaborative relationships with CPAs, estate attorneys, and insurance professionals
  • Focused on education-first guidance, not sales pitches or one-size-fits-all plans
  • Supported by a dedicated client service team with a reputation for proactive care

“I was nervous about retiring — but they helped me see the whole picture and gave me confidence to move forward.”

— Mary J., Scottsdale


“They made a complicated plan feel simple. I wish we’d come here five years earlier.”

— Brian & Sandra T., Mesa


“They treated me like a person, not a portfolio. I never felt pressured — just supported.”

— Teresa D., Chandler


“Our old advisor never talked about income or taxes — this team gave us a plan we could actually live on.”

— Kevin M., Sun City

The Fullerton Family

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Stepping Up For the Community.

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