The right documents can save your family time, money, and heartache. Here's a breakdown on all things estate planning.
What happens to everything you’ve worked so hard for — your home, your savings, your memories, even your personal values — after you’re gone?
For most of us, this isn’t something we think about every day. And when we do think about it, we often push it aside. Because even the words alone: estate planning, legacy, advance directives, can sound intimidating.
But estate planning is not just for the ultra-wealthy. It’s for everyone. Whether you’re single, part of a blended family, a young parent just starting out, or a retiree thinking about your next chapter, you already have a legacy — and the steps you take now can make life easier, more transparent, and less stressful for the people you love.
That’s why in this week’s episode of the HerMoney Podcast, we’re digging into the essentials of estate planning with Heather Winston, Certified Financial Planner TM of Principal Advised Services, LLC, and Assistant Vice President at Principal Financial Group®. Heather has spent her career helping people think about their financial futures in a way that feels empowering rather than overwhelming.
Clarity Is Kindness: The Emotional Side of Estate Planning
Jean Chatzky: For families that don’t have a ton of financial assets, what does this future planning tend to look like? How important is it to leave instructions and essential documents?
Heather Winston: I like to think about leaving instruction as one of the most crucial things that any of us can do, because: One, it starts with something I like to think of as “clarity is kindness.” So, if you can clearly outline your wishes, you’re preventing confusion and conflict among your loved ones.
And it doesn’t matter how much money you have; it’s just making sure that everyone understands this was your set of beliefs, your values, and your intention.
The Must-Have Documents Every Adult Needs
Jean Chatzky: Let’s talk about the key documents every adult should have, no matter what.
Heather Winston: There are four key documents:
- A Will: The only legal way to name guardians for minor children.
- Healthcare Proxy / Medical Power of Attorney: So someone you trust can make medical decisions if you can’t.
- Financial Power of Attorney: To manage your money if you’re incapacitated.
- Living Will or Advance Directive: To outline your wishes for end-of-life care.
The best time to get these documents is as soon as you’re legally an adult. Emergencies can happen at any time. Planning ahead means avoiding unnecessary stress for your family.
The Bottom Line: Your Legacy Is Already Taking Shape
Jean Chatzky: Talk to me about legacy letters and ethical wills, and the idea that you need not just to pass along your stuff and your belongings, but to figure out a way to pass along your family stories and your values.
Heather Winston: Absolutely. It’s really about: What do you want to pass down? What do you want them to know about your life and your history and what you were thinking in varying moments? And it can be simple. It can be clean and easy. You can just jot down little thoughts.
You don’t get those thoughts unless someone actually puts them in place. And so being able to leave some type of legacy documentation helps ensure those very clear intentions when you’re no longer here to tell us all those great stories and, [we get to keep] all of those great memories.
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Heather Winson is a CFP professional of Principal Advised Services, LLC……
The subject matter in this communication is educational only and provided with the understanding that Principal® is not rendering legal, accounting, investment or tax advice. You should consult with appropriate counsel, financial professionals, and other advisors on all matters pertaining to legal, tax, investment or accounting obligations and requirements.
Heather Winston is a CFP® professional, and an investment adviser representative of Principal Advised Services, LLC. CFP Board owns the marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the U.S.
Jean Chatzky is a compensated financial commentator, is not affiliated with any company of the Principal Financial Group and the views she expresses are not necessarily those of the Principal Financial Group or any member company.
The forms of advice provided will be delivered in a fiduciary capacity and overseen by Principal Advised Services, LLC, a federally-registered investment adviser. The registration does not imply a certain level of training or skill. Principal Advised Services does not guarantee that the results of their advice, recommendations or objectives of a strategy will be achieved. Insurance products and plan administrative services provided through Principal Life Insurance Company®. Securities offered through Principal Securities, Inc., member SIPC and/or independent broker/dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392.
© 2025 Principal Financial Services, Inc.
Principal®, Principal Financial Group®, and Principal and the logomark design are registered trademarks of Principal Financial Services, Inc., a Principal Financial Group company, in the United States and are trademarks and service marks of Principal Financial Services, Inc., in various countries around the world.
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