Dolly Parton giving offers lessons for estate planning

Dolly Parton, who died at 80 last week with an estimated net worth of about $450 million, ran high-profile philanthropic programs during her lifetime, including the Imagination Library, which has distributed 332 million free books since 1995. Wealth advisers and estate attorneys are pointing to her public giving as an example for clients planning their estates, particularly those without children.

Census Bureau data show nearly one in six Americans over 55 were child-free in 2021. A survey by Child Free Trust found fewer than one in five child-free adults has a will, and more than 70% lack any basic legal planning documents, including powers of attorney or advance medical directives.

Advisers recommend shifting estate conversations from dollar figures to questions about values and impact. Deb Dubin of Moneta in St. Louis distinguishes two planning approaches: one focused on tax and legal structure, and another focused on the causes and activities the client wants to support during life. Dubin said donors who give while living can observe results and adjust plans. “She could see, touch and feel it. She could take risks… Dolly didn’t wait,” Dubin added.

Bri Conn, a wealth specialist at Child Free Insights in Mount Juliet, Tennessee, begins client meetings with document-based questions to surface practical gaps. When asked who would handle bills or medical decisions if they became incapacitated, many clients respond, “I have nobody to name.” That response triggers a discussion about the legal consequences: without a will, state intestacy laws determine who inherits assets; without a designated power of attorney, courts or state procedures can name a decision-maker, sometimes a relative the client would not choose.

Conn helps clients identify alternative heirs and decision-makers, and asks whether the client wants their estate to support causes or individuals. She also flags operational risks for couples in which one partner handles most accounts and paperwork. Both partners need to know where accounts and documents are located and how to access them if the other becomes unable to manage finances.

Trust and estate professionals advise advisers to coordinate with attorneys and tax professionals rather than handling all legal issues alone. Nolan James, a trust and estates attorney with UB Greensfelder in Cleveland, recommends clear division of responsibilities across attorneys, CPAs and financial advisers and maintaining regular communication. “Make sure that everyone on the team is working together and rowing in the same direction,” he said. James also suggests advisers keep professional contacts active after a matter closes; he recommends informal follow-ups to strengthen networks and smooth future coordination. “Ask them for a cup of coffee after it’s all said and done so that you can connect on a human level,” he added.

Advisers note the tactics used in high-profile estates can apply to clients at many wealth levels. Questions about family history, personal values and preferred causes can guide choices about beneficiaries, trusts, charitable gifts and powers of attorney. Options include providing for friends or partners, supporting a favorite charity, or setting up giving that occurs during the client’s lifetime so the client can observe the impact.