How high-net-worth families can protect their legacy with the right guidance

If you’re in your 50s, 60s, or beyond and you’ve worked hard to build significant wealth, you likely have a lot of questions about how to protect what you’ve built. Maybe you’ve delayed creating or updating your estate plan. You’re not alone.

At Goodwin Investment Advisory, many of our clients have over $500,000 in investable assets, are family-oriented, and want to ensure their legacy is cared for wisely. Yet, a properly executed estate plan is one of the most overlooked but vital pieces of the financial picture.

We recently sat down with Sarah White, an Estate Planning Attorney and frequent collaborator with our advisory team, to discuss the questions that matter most to high-net-worth individuals. Sarah White is an in-house strategic partner, and many of our clients have hired her to help with their estate plans.

Why you need an estate plan—even if you’re not a decamillionaire

“Estate planning often feels like something people put off until it’s too late,” says Sarah. “But every family, not just the ultra-wealthy, needs a plan in place. Why? Because it’s about control, clarity, and care.”

Whether you’re trying to make sure your spouse is taken care of, you want to smoothly pass down property to your children, or you’re building a legacy that reflects your values, a good estate plan ensures your wishes are honored.

Without it? The courts – not you – decide what happens to your wealth.

Misconceptions that could cost you

Many people think a simple will is enough. But wills alone go through probate – a public, and often lengthy, legal process. For wealthier families, this can expose private information and delay asset distribution.

Sarah adds, “One of the biggest misunderstandings is that a will equals a complete plan. But if you have real estate, investment accounts, or own a business, you likely need trust structures to truly protect and direct your assets.”

The power of teamwork: Estate Attorneys + Financial Advisors

One of the most significant advantages of working with Goodwin Investment Advisory is how we coordinate directly with estate attorneys like Sarah to create seamless plans.

“When a client’s advisor and estate attorney work together,” Sarah shares, “we can align the financial strategy with the legal structure. That ensures your income plan, giving goals, and transfer of wealth all work in harmony.”

This team-based approach is especially valuable during transitional life moments, such as retirement, selling a business, inheriting wealth, or losing a spouse.

Wills vs. Trusts: What’s right for you?

“Do I really need a trust?” It’s one of the most common questions we hear from clients. And the answer is: it depends.

For those with significant assets, real estate, or concerns about privacy, a revocable living trust can offer:

Avoidance of probate
Faster and more private distribution of assets
Flexibility during your lifetime and beyond

We’ll help you weigh your options and help you decide what makes sense, based on your values, family dynamics, and long-term goals.

Life happens—Is your plan still current?

Major life events require a fresh look at your estate plan. Sarah advises updating your plan whenever you experience:

Divorce or remarriage
Death of a spouse or child
Receiving an inheritance
Moving to a new state
Purchasing out-of-state property
Becoming grandparents or wanting to create a giving plan

These changes don’t just affect your financial plan—they impact who has power to act on your behalf, where your assets go, and who’s protected.

Questions every high-net-worth family should ask

If any of these sound familiar, it’s time to revisit your estate plan:

What happens to my spouse, kids, or grandkids if something happens to me?
How do I protect my heirs from losing their inheritance to taxes, divorce, or poor money decisions?
Am I using the right tools (trusts, powers of attorney, healthcare directives) to protect my wishes?
How often should I update my estate documents?
Does owning property in multiple states change how I plan?