If you’re like most people, estate planning isn’t high on your list of exciting weekend activities. But as Rob and Jimmy make clear in Episode 114 of The Last Paycheck Podcast, having the right documents in place can make a huge difference for your loved ones—and your legacy.
Why Estate Planning Matters for Everyone (Not Just the Wealthy)
There’s a common myth that estate planning is only necessary if you have millions in assets. The truth? If you have a family, a bank account, or even just a strong opinion about your healthcare, you need an estate plan. Without it, your state government could end up making decisions you wouldn’t agree with—and your family could be left in a difficult position during an already stressful time.The Three Critical Documents You Need
1. Last Will & Testament
This document directs who receives your possessions and appoints an executor to carry out your wishes. Rob emphasizes that a will is your final voice—it’s your opportunity to make sure your values are honored and your assets go where you want them to.
Jimmy points out a common misconception: that a will overrides beneficiary designations. It doesn’t. If your retirement account still lists your ex-spouse as the beneficiary, no will in the world can undo that mistake. That’s why it’s critical to regularly update both your will and your account designations.
2. Healthcare Directive (Living Will)
This document outlines your preferences for medical treatment if you’re incapacitated. Do you want to be kept alive on machines indefinitely? Or not? A healthcare directive allows you to clearly communicate your wishes—and it also appoints someone (your healthcare agent) to make those decisions if you can’t.
As Rob and Jimmy stress, this isn’t just a legal form—it’s a gift to your family. It removes the burden of guesswork and guilt from your loved ones in the middle of a crisis.
3. Durable Power of Attorney
If you become unable to manage your finances—due to illness, accident, or cognitive decline—this document gives someone you trust the legal authority to step in and manage your bills, taxes, and accounts.
Without a power of attorney, your family could be forced to go to court just to pay your mortgage or access your bank account. It’s simple to put this in place, and potentially devastating if you don’t.
How to Get These Documents
Rob and Jimmy encourage listeners not to overcomplicate the process. For simple needs, online tools and state-specific forms can work. For more complex situations—multiple properties, blended families, or business interests—working with an estate planning attorney is best.
And don’t forget: estate planning isn’t one and done. Update your documents as your life changes—marriages, children, divorces, or major asset changes should all trigger a review.

Your Next Step
Estate planning isn’t about fear—it’s about control and care. It’s about protecting your family, your values, and the wealth you’ve worked hard to build.