Why estate planning matters during Financial Literacy Month

As Financial Literacy Month focuses on saving, budgeting, and investing, estate planning is often left out of the conversation. For Sharon and Rob Hoskins of Hoskins Life and Legacy Planning, P.C., that gap can leave families unprepared when it matters most.

The husband-and-wife team, based at 400 Post Ave. in Westbury, transitioned their practice to focus on estate planning after years working in family law. Since 2013, they have practiced together and said their work increasingly centers on helping families navigate uncertainty and avoid preventable challenges.

“The connection is essentially that your everyday financial life depends on you being alive and well, right?” Rob said. “So, if something happens to you, what happens to your financial life? What happens to the people that depend on you?”

Why estate planning is part of financial literacy

While financial literacy often focuses on income and assets, Hoskins said it must also include planning for illness, incapacity, or death.

“You’ve got to make sure that you have certain things in place that help your family not only financially but also help them avoid the confusion of the legalities that occur when somebody is ill or unfortunately passes away,” Rob said.

Without a plan, families may be left to navigate legal processes and financial decisions without clear direction.

Sharon said Financial Literacy Month serves as a reminder to address those issues.

“People try to put things off, they think they always have time,” she said. “But there’s no better time than now.”

Why families avoid planning conversations

One of the biggest obstacles, the couple said, is that many families avoid talking about estate planning altogether.

“They’re avoiding any conversation about it at all,” Sharon said. “And what they’re really avoiding is confrontation.”

That hesitation can lead to confusion or conflict later, particularly when multiple family members are involved in decision-making.

“Having no plan means you have no direction,” she said. “It means you have no guidance, and so everyone now has an opinion as to what they think is the right thing to do.”

The couple encourages families to reframe the conversation. “It’s important to kind of shift the focus away from death and more on how you plan for the rest of your life,” Sharon said.

Generational wealth and responsibility

The need for planning is becoming more urgent as wealth transfers between generations. “We’re at the very beginning of the greatest wealth transfer in the history of this country,” Rob said.

That transfer requires legal preparation to ensure assets are passed on as intended. “If you’ve created generational wealth and you want to get it to those next generations, you’ve got to take the responsibility of planning,” he said.

Steps to start estate planning

For those starting from scratch, Sharon said the first step is to put basic documents in place. “Everyone at a minimum should have a power of attorney in place and a healthcare proxy,” she said.

She added that these documents are important even for young adults, since legal authority changes at age 18.

For parents, naming a guardian through a will is also essential.

The next step is building a team of professionals. “Along with your estate planning attorney, you want to have your financial advisor, your insurance agent, and your CPA/tax accountant in place,” she said.

Education as a starting point

Education remains central to the firm’s approach. The Hoskins said many people are unfamiliar with how estate planning fits into their financial lives. They offer free online workshops twice a month, along with presentations for community groups, to help residents better understand their options.

“We just encourage people through education, education, education,” Sharon said. “Our goal is to foster peace of mind through our P.E.A.C.E. planning framework of Protecting your assets, Educating your family, Assuring your legacy, Coordinating your plan, and Empowering your future.”

For the Hoskins, Financial Literacy Month is a reminder that financial planning includes not only building wealth but preparing for how it will be managed and passed on.

“It gives you certainty, clarity, and direction,” she said.

For more information on learning about the free workshops visit https://hoskinsllp.com/free-resources/workshop/.