white and red wooden house beside grey framed magnifying glass by Tierra Mallorca courtesy of Unsplash.

The 'What If' Plan: Why Your Will Isn't Enough in 2026

David Findlow |
Categories
Estate Planning
Risk Management
Retirement

When you ask most people about their "estate plan," they say, "I'm all set. I have a will". Unfortunately, in 2026, a will is just the beginning. It’s a critical document, but it’s also a limited one. A will only does one thing: it tells a judge who should get your "probate" assets after you die. It doesn't help with anything else.

A true financial plan covers all the "what ifs," not just the final one. If your plan doesn't include the following documents, you don't have an estate plan; you just have a will.

1. The "What If I'm Sick?" Plan: Healthcare Power of Attorney This is, for many, the most important document of all. A healthcare power of attorney (or "healthcare proxy") names a person you trust to make medical decisions for you only if you are incapacitated and cannot make them yourself.

  • Why it's not a will: A will does nothing while you are alive. This document protects your wishes for your own medical care. Without it, your family may be forced to go to court to get a "guardianship," a costly, public, and traumatic process.

2. The "What If I'm Incapacitated?" Plan: Durable Power of Attorney This document names a person to make financial decisions for you if you are unable to. This is the person who will pay your mortgage, file your taxes, and manage your investments while you are recovering.

  • Why it's not a will: Again, a will only works after you die. If you are in a car accident and in a coma for six months, who pays your bills? Without this document, your accounts are frozen. Your family will have to go to court, which can be a financial disaster.

3. The "What If I Have a 'Stuff'?" Plan: A Revocable Living Trust This is the big one. A will has to go through a long, public, and expensive court process called "probate". A Revocable Living Trust avoids probate entirely.

  • How it Works: You create a trust and "fund" it by re-titling your major assets (your house, your non-retirement brokerage accounts) into the name of the trust. You still control everything 100% while you're alive.
  • The Benefit: When you pass away, there is no probate. The person you named as your "successor trustee" simply follows the instructions in the trust document—privately, quickly, and without a judge.

4. The "What If I Have Kids?" Plan: Naming a Guardian This is the one part of your plan that must be in a will. A will is the only place you can legally name a guardian for your minor children. If you have young children and you don't have a will, you are letting a judge you've never met decide who will raise them.

Your "what if" plan is the greatest gift you can give your family. It takes the burden of decision-making off their shoulders during the worst time of their lives.

Have you reviewed your "what if" documents (like your Power of Attorney) in the last 3 years?

Schedule a Consultation These are general strategies and may not be right for your specific situation. If you'd like to discuss how these concepts apply to your financial plan, please feel free to schedule a complimentary call: Click here to schedule