"If they are divorced, make sure they update the beneficiary designation to take ex-spouse off," he says. "It doesn't matter if you are divorced. (The assets) legally go to that person."
Stegall says people need to realize that having an estate plan is critical if they want to protect their families.
"If something happens to you, they can cope with it," he says. "Estate planning also is the best way to take care of their children. Sometimes they need trusts to help accommodate their children. Trusts help ensure they get through college. They also protect assets from future divorces."
Stegall says different types of estate planning are required in different stages of life and different stages of wealth building, with the more advanced planning coming in the later stages of life, when wealth has already been created.
People generally don't think about estate planning before they get into their 50s and 60s, he says. "That's just the nature of how people think," he says. "People in 20s and 30s are thinking about advancing wealth and careers."
The important thing is to do it now, he says.
"At end of day hope people will understand that planning sooner is always better," Stegall says. "The earlier, the better. And it's always best to have a solid team behind you (lawyers, accountants and financial planners). Building a solid trustworthy team is extraordinarily important."