NAIFA’s Investment, Retirement, Estate, and Advanced Planning Center (IREAP) hosted its first Impact Day webinar on Thursday, November 6, 2025, "Extraordinary Estate Planning for Ordinary People", which aimed to demystify the estate planning process and highlight its critical importance for everyone, regardless of age or asset level. Moderated by Mat Powers, the discussion featured experts Troy Branch and Andrew Rinn, who emphasized that planning is fundamentally about family and legacy, not just dollars and cents.

🛑 The Costly Misconceptions That Lead to Delay

The panel tackled the common and dangerous misconceptions that lead two-thirds of individuals to delay or avoid estate planning:

• "It’s Only for the Wealthy or Elderly": This is the most significant misconception. The reality is that estate planning is a vital part of financial wellness for everybody. While people may not have enough assets to face an estate tax issue, they have enough to worry about: namely, how their family will manage non-monetary assets like mementos, personal belongings, and final wishes.
• "Everything Will Just Go to My Spouse": This is often untrue. Many states have "elective share" statutes that do not ensure a surviving spouse receives everything, often basing the distribution on the length of the marriage and state laws.
• "It’s Too Complicated": While the process can feel overwhelming, the panel warned that dying without a plan makes the situation infinitely more complicated for the surviving family, imposing significant stress, delays, and costs on loved ones.

💸 The High Price of No Plan: The Prince Example

The experts illustrated the risks of procrastination with the highly publicized case of the musician Prince, who died without a will.

• The State's Will: When a person dies without a valid will, their estate is settled through intestacy, which is a state-mandated distribution plan that rarely reflects the deceased's true wishes.
• Wasted Wealth: In Prince's case, nearly $60 million of his approximately $100 million estate went to legal fees, court costs, and accounting services, representing money that could have gone to his loved ones or philanthropic organizations.

⚠️ The Dangers of DIY Documents

While attempting a do-it-yourself (DIY) plan might seem like a cost-saving solution, the panel stressed that the risks of using online templates far outweigh any potential savings

If you missed the webinar, watch now.