Q2 2025 Commentary: Estate Planning & Passing on More Than Your Money
Pine Haven Investment Counsel, Inc. – Commentary – 2nd Quarter 2025
Casey Fitchett & Paige Johnson Roth, CFA®
When the world feels uncertain and uneasy, it’s often helpful to lean into the pieces of the puzzle that we can control. As national leaders bring new legislation into the fold, it can be easy get lost in the minutia and be confused about what all these changes mean for you as an individual.
We have built our clients’ respective portfolios to withstand the market shocks that may come, but there are other pieces of your financial picture outside of your stocks and bonds. Just as we encourage an intentional approach to your investments, we recommend a methodical approach to your estate plan as well.
When people hear the term estate planning, they often think it’s only for the ultra-wealthy or something to worry about later in life. But in reality, estate planning is about protecting your loved ones, your wishes, and your legacy. Regardless of the size of your assets, having a plan in place ensures that your affairs are handled the way you intend, both during your lifetime and afterward. Every person over the age of 18 should have an estate plan that goes beyond the physical items to cover practical considerations, like who should care for a family pet.
At its core, estate planning is about more than distributing your wealth. It’s about making sure the right people are in place to make decisions if you're unable to, reducing potential burdens on your family, and creating clarity during what is often an emotionally difficult time. A good estate plan can help minimize taxes, avoid unnecessary court involvement, reduce family conflicts, and ensure that your values are carried forward.
Estate planning is often framed as a job for “someday,” yet the numbers show why today is better. In 2025 only 24 % of U.S. adults have a will, down from 32 % in 2024, 38 % in 2023 and 33 % in 2022. This three‑year slide that leaves most families legally unprotected.1
A complete plan bundles several documents that answer three big questions:
Digital legacy planning is also an essential part of modern life. As technology has streamlined our interactions and so much of our lives are online, it’s crucial to remember that when trusted individuals are able to access our accounts in the event of incapacitation or death, they can carry out our wishes, prevent identity theft, manage digital assets, and avoid unnecessary delays or complications.
Adding an “ethical will”
Beyond the legal mechanics lies something more personal: an ethical will (sometimes called a legacy letter). This is not a binding legal document. Instead, it’s a narrative you write—often just a few pages—sharing your values, life lessons, hopes for future generations, and stories that explain why your money is allocated the way it is. Clients who create one report two powerful benefits:
- Clarity for heirs. When beneficiaries understand the reasoning behind your decisions, they’re less likely to quarrel.
- Peace of mind for you. Writing an ethical will forces reflection on what matters most, aligning financial choices with personal meaning.
Ethical wills often have a conversational tone. As with other aspects of your estate plan, set reminders to update it as life evolves, and store a copy with your legal documents so your executor can deliver it at the right time.
Where Pine Haven Fits In
With rising longevity and more complex family structures — including blended families, unmarried partners, or estranged relatives — the need for clear documentation and communication has never been greater. Laws vary by state, and if you pass away without a will or other estate planning documents, your assets may be distributed according to state default rules, which might not reflect your wishes.
In addition, medical emergencies can happen at any age. Documents like powers of attorney and healthcare directives help ensure your voice is heard when you can’t speak for yourself.
At Pine Haven, our goal is not only to grow your wealth, but also to help preserve it for future generations. We know these conversations can be challenging to have, so we are here to help you and your family navigate them. We can help coordinate the moving parts, such as:
- Strategic design: Balancing tax efficiency, asset protection, and your philanthropic or family goals.
- Breaking the process into bite-sized steps: it can feel overwhelming, but we can give you a clear path forward.
- Professional quarterbacking: Connecting you with an estate attorney and CPA, then translating legal jargon back into plain English.
- Annual accountability: Making sure titling and beneficiaries still line up with your wishes and that investment accounts stay funded in the trust if applicable.
We are also available to attend family sessions. Often a neutral presence can diffuse tension and ensure technical questions get real‑time answers.
Estate planning is ultimately an act of love. The legal documents pass on assets; an ethical will passes on meaning. Combine both, keep them current, and you’ll give your family a gift that lasts long after the paperwork is finished.
1. 2025 Wills and Estate Planning Study, caring.com
Disclosure Information: This presentation is not an offer or a solicitation to buy or sell securities. The information contained in this presentation has been compiled from third-party sources and is believed to be reliable; however, its accuracy is not guaranteed and should not be relied upon in any way whatsoever. This presentation may not be construed as investment, tax or legal advice and does not give investment recommendations. Any opinion included in this report constitutes our judgment as of the date of this report and is subject to change without notice.
Additional information, including management fees and expenses, is provided on our Form ADV Part 2 available upon request or at the SEC’s Investment Adviser Public Disclosure website, www.adviserinfo.sec.gov. Past performance is not a guarantee of future results.