Estate Planning: A Complete Guide to Wills, Trusts, and Protecting Your Family

You may think of “estate planning” as the purview of the super wealthy who have to allocate tens of millions of dollars – usually via a dramatic and tense meeting in a Victorian mansion led by a lawyer.

It’s a misnomer to believe estate planning is only for those with millions in assets to allocate and protect. Yes, the rich absolutely need estate planning and it can be quite complex, but we all need to make decisions about what happens to our assets and healthcare when we are no longer able to make those decisions for ourselves.

Estate planning is the process of arranging how you want your assets to be managed during your lifetime and after your death. This process can include naming guardians for your minor children, creating healthcare directives, and minimizing taxes as well as probate costs.

With proper estate planning you can:

• Ensure your family has peace of mind knowing exactly how to access and distribute your assets.
• Avoid having your assets subject to “probate” and other laws and procedures that may not align with your wishes.
• Communicate your values and wishes for important issues like guardianship of your children.
• In some cases, protect your assets from unnecessary taxes and penalties.

“People think that you need millions of dollars before you need an estate plan. And that’s absolutely incorrect,” says Donovan Carson, Wealth Manager at Carson Capital, which runs its own course on estate planning.

Only 31% of Americans have a will according to a 2025 Caring.com survey, which means most families are not prepared for major changes to their family. In this guide, we’ll review the essential documents you need, how to create an estate plan step-by-step, costs to expect, tax considerations for 2026, and common mistakes to avoid so you can positively impact your family long after you pass away.

#The Basics of Estate Planning

There are a few terms that are important to understand when discussing estate planning with your family and/or financial advisors. Some are used interchangeably in casual conversation, but they do have specific and often legal meanings.

• A will or “last will and testament” is a legal document containing instructions for what to do with your assets after you pass away. A “living will” is a document that applies if you are alive but unable to communicate your intentions.
• A trust is a legal entity that “holds” various assets. A “trustee” is someone who administers the trust. There are many different types (including trusts for pets!) A will often directs directors what should be done with the assets that are held in a trust.
• An estate is the sum of all your debts, properties, assets, and holdings. Basically, it’s all stuff you owe and own.
• Probate is the process of the state verifying your will and deciding how to distribute your assets after you pass. One benefit of savvy estate planning is that it ensures your assets are not subject to probate and are not made public. Each state has its own laws to consider regarding this process.
• A beneficiary designation is a form you complete to name who will receive specific assets when you die. Beneficiary designations are commonly used for life insurance policies, retirement accounts, and some bank and investment accounts. These designations supersede instructions in your will and transfer assets directly to the named beneficiaries, bypassing probate entirely.

#Why Estate Planning Matters – Even if You’re Not Wealthy

Many people assume estate planning is only necessary for those with substantial assets. This is a misconception and has left millions of families vulnerable. Here’s why everyone needs an estate plan, regardless of your net worth:

• Protect minor children. If you have children not yet of legal age, an estate plan allows you to designate guardians who will raise them if you are unable to do so. Without this, the court will decide who cares for your kids, and unfortunately, the outcome might not align with your true wishes.
• Avoid family conflict. When there’s not a clear plan in place, families quite often disagree about asset distribution, funeral arrangements, and medical decisions. A comprehensive estate plan eliminates any ambiguity and reduces potential conflict during emotionally difficult times.
• Control medical decisions. Healthcare directives ensure your wishes are followed if you are alive but incapacitated. Without these legal documents, family members might disagree on the best options for your care, or decisions may be made that conflict with your values and wishes.
• Minimize costs and delays. Probate is slow and expensive. Assets held in probate might be tied up for months or years. This can prevent your family from accessing funds when they need them the most. Proper estate planning can help you and your loved ones minimize or even avoid probate.
• Protect digital assets. In our increasingly digital world, estate plans need to address any online accounts, cryptocurrencies, digital photos, social media profiles, and digital property with financial or sentimental value.
• Preserve your legacy. Estate planning is not merely about distributing assets, it’s about your personal values. Through estate planning you can communicate what matters to you, support causes you cherish, and create a legacy to pass to future generations.

You don’t need millions in assets to create an estate plan. Anyone with loved ones and personal preferences should create a plan.

#The Six Essential Estate Planning Documents

In a comprehensive estate plan there are six fundamental documents. When properly constructed they collectively ensure your wishes are carried out on both the financial side and healthcare.

1. #Durable Power of Attorney (Financial)

A durable power of attorney (POA) authorizes a trusted person to make financial decisions for you if you are incapacitated. This person, who is called your agent or attorney-in-fact, can manage your bank accounts, pay bills, file taxes, manage your investments, and handle any other financial matter on your behalf.

If you become incapacitated without a financial power of attorney, your family may need to petition the court for a conservatorship. This is costly and time-consuming and can be avoided with proper estate planning.

It is extremely important you choose someone who is responsible and trustworthy to fulfill this role. You’ll also need to decide if the power of attorney goes into effect immediately (called a durable power of attorney) or if it only goes into effect upon your incapacity (called a “springing” power of attorney). You may want to consider naming a successor POA in case your first choice is unable or unwilling. As always, it’s important to review your designation after any major life change.

#2. Advance Healthcare Directive

An advance healthcare directive, otherwise known as a healthcare power of attorney or medical power of attorney, specifies your specific healthcare wishes and designates a trusted person to make medical decisions on your behalf if you cannot communicate yourself. This document usually includes:

• A Healthcare power of attorney. This document names your healthcare agent and grants them the authority to make medical decisions.
• Living will. This specifies your preferences for end-of-life care, whether or not you want to be resuscitated, kept on life support, or have your organs donated.
• HIPAA authorization. This document allows your healthcare agent or another designated individual(s) to access your medical records.

Together, these healthcare directives ensure your medical wishes are honored. Even more so, it relieves your family from having to make difficult decisions without your guidance in a time of crisis.

#3. Last Will and Testament

Your last will and testament, usually just referred to as your will, is the document that details what should happen to your estate after your death. You can create a will through an online service or work with an attorney.

Your will should include the following specific information:

• Names your executor, the person responsible for carrying out the wishes of the will and managing your estate through the probate process.
• Guardians for your minor children and pets.
• Your wishes for allocating your assets to beneficiaries.
• Your wishes for funeral and burial services and how they should be paid.
• Any specific bequests of personal property (includes jewelry, heirlooms, sentimental items, etc.)

Laws vary from state to state, but in general, your will must be signed by you and one or more witnesses. Some states recognize handwritten wills, other states do not. There are also joint wills you can create with your spouse, although these have different restrictions and might not be the best option for every couple.

A will must go through probate, which does mean it becomes public record and your assets are distributed under the supervision of a probate court. A trust, however, provides better privacy and efficiency.

#4. Living Trust

A living trust, also called a revocable living trust, is a legal entity that holds your assets during your lifetime and then distributes them according to your explicit wishes after your death. These assets avoid probate. You typically serve as the trustee while you’re alive and well, thus maintaining control of your assets. Upon your incapacitation or death, a designated successor trustee takes over and distributes the assets according to your instructions.

There are several important steps in creating a trust. First, you need to choose the type of trust you’d like to establish. Most people choose a revocable living trust because it offersoffer the most flexibility. You can modify or dissolve it during your lifetime. You’ll need to name beneficiaries and a successor trustee.

Next, you’ll need to create a trust document and gain a trust identification number, which is similar to an IRS EIN or social security number. While you can do this yourself, it’s recommended to speak with an attorney.

Lastly, you’ll need to retitle assets in the name of the trust. This is “funding” the trust and it is a critical step. An unfunded trust provides absolutely no benefit. There are accounts you will not be able to retitle, such as retirement accounts. Instead, you can name the trust as the beneficiary instead.

When setting up a trust you’ll want to answer a few important questions.

• When do you want your beneficiaries to receive the assets?
• Who do you want to be the trustee of the trust?
• Do you want to include any spendthrift provisions to protect the assets from poor financial decisions and potential creditors?
• Should the trust continue after your death to provide management for the beneficiaries?

#5. Letter of Instruction

A letter of instruction is really an informal document that will guide your family through the practical aspects of settling your estate. It should include the contact information for attorneys and financial advisors, the location of important documents and safe deposit boxes, login and password information for your accounts (financial and otherwise), details about trusts, the location of your will, your funeral and burial preferences, and inventory of your assets and liabilities.

This is not a legal document, so you’re more than able to update it easily and without any formalities. Communicate with your family as to where this letter is stored in the event something happens to you. “You must tell people where all this stuff is. Otherwise, it’s useless to them,” says Rachel Lawrence, Head of Advice at Monarch.

#6. Beneficiary Designations

Your beneficiary designations are the people you want to receive your assets after your passing. To name a beneficiary on an account, you’ll need to complete forms with your financial institutions. Accounts with beneficiary designations include, but are not limited to:

• Life insurance policies
• Retirement accounts
• Bank accounts that allow payable-on-death (POD) provisions
• Investment and brokerage accounts that allow transfer-on-death (TOD) provisions
• Health savings accounts (HSAs)

A beneficiary designation supersedes your will. This is important to note, because beneficiary designations that are not properly updated may result in your assets being distributed to someone against your wishes. Review your beneficiaries on all accounts every year and after every major life event. It is best practice to name both primary and contingent beneficiaries, and ensureensuring the beneficiaries are in alignment with your overall estate plan.

#Will vs. Trust: Which Do You Need?

Trusts and wills serve different purposes and it’s common to not know if you need one or both. Let’s have a look at various scenarios.

A will alone may be sufficient if you:

• You have a simple estate valued under $200,000.
• You are fine with your estate going through probate.
• You are comfortable with your estate becoming public record.
• You own property in only one state.
• You have minor children who need guardians designated (trusts cannot do this).
• You want the most affordable option.

You should consider a trust if:

• You want to avoid probate due to costs and delays.
• You own real estate in multiple states.
• You want privacy and to keep your estate out of public records.
• You have a blended family with complex distribution wishes.
• You want control over who, how, and when your assets are distributed.
• You have a special needs child who receives government benefits.
• You own a business that needs a seamless transition.
• You have a large estate that could trigger estate taxes.

Most people who create trusts also write a pour-over will. This typeThis is type of will acts as a safety net of sorts. Even with careful planning, you may forget assets or acquire new ones that are not in the trust’s name. A pour-over will ensures these assets end up where you intend. They may need to go through probate though.

#How to Create an Estate Plan in Seven Steps

It’s crucial to think about what you want your legacy to look like. “If you have a pretty good idea of what you want to do with your legacy, most people can set this up in about 30 to 45 minutes,” Donovan said.

1. #Take Inventory of Your Assets and Liabilities

You’ll need to create a comprehensive list of everything you own and owe. While this task might seem daunting, Monarch makes tracking your net worth and all accounts easy and accessible. Monarch’s tools give you a comprehensive view that is vital in creating your estate plan.

#2. Consider Your Goals and Wishes

Estate planning is personal to you and your family. Before you draft your estate plan, take some time to reflect on what matters to you. Answer the following questions:

• Who should receive your assets? How will they be split proportionately?
• Who do you want to raise your minor children?
• Do you have any specific items with sentimental value? Who should receive them?
• Do you want to support any charities?
• How do you want to be remembered?
• Are there any family members who should not inherit your assets?
• Do you have any concerns regarding a beneficiary’s ability to manage inherited assets?
• What are your wishes for end-of-life medical care?
• Do you have values you wish to pass along with your assets?

#3. Choose Your Key People

A solid estate plan means naming trusted people to carry out your wishes. You’ll need to select people for the following roles:

• Executor. This person is in charge of your estate through probate. You will name them in the will. They will pay any outstanding debts and taxes as well as distribute assets. They should be organized, responsible, and willing to serve in the role.
• Trustee. The trustee manages your trust if you’ve created one. They will distribute assets according to your instructions. You will most likely be the trustee during your lifetime, but you’ll need a successor if you become incapacitated or die.
• Guardian(s). This may be the most important decision of your estate planning. If you have minor children, who would you want to care forraise them in the event you are unable to do so? Be sure to discuss this with the potential guardians before officially naming them. You can name separate legal and financial guardians if you don’t want the same person to do both jobs, but note that doing so can make it difficult to coordinate care for minors in a timely way.
• Healthcare agent. This is the person who will make medical decisions if you are incapacitated. Again, be sure to discuss the role with this person before officially naming them in the plan.
• Financial power of attorney. This is the person who will manage your finances if you are incapacitated. This could be the executor of your will, but can also be someone else.

#4. Decide Between DIY and Professional Help

There are several options for creating estate planning documents. Each has its pros and cons. If you choose the do-it-yourself online option, you’ll save significantly on costs, but you’ll be limited in your customization and complexity needs. Working with an attorney is more expensive, but better for addressing all comprehensive needs and complex situations.

You could potentially do a hybrid approach. Some attorneys offer unbundled services where you can draft your documents online and the attorney will provide limited consultations and reviews. In general, if you have significant assets, minor children, or any sort of familial complexities, it’s best to work with an estate planning lawyer.

#5. Draft Your Documents

After you gather all your necessary information and thought through some key decisions, it is now time to draft your estate planning documents. You will need the following:

• Personal and contact information for key people (legal names, addresses, birthdates, phone numbers, etc.)
• Details of your assets and liabilities (value, location, how to access)
• Bequest and distribution instructions
• Preferences for healthcare and end-of-life wishes

Carefully review your drafts before signing the documents. All names should be spelled correctly, beneficiary proportions should always equal 100%, and contingency plans need to be in place.

#6. Execute the Documents Properly

Estate planning documents need to be signed according to your state’s legal requirements or you run the risk of them being invalid. You may need one or more witnesses or notary services. Be sure to understand what is required in your state. An improperly executed document is not only worthless, but time consuming and expensive.

#7. Fund Your Trust and Update Beneficiaries

Creating a trust is just the first half of the work to set up a trust;, you then must fund it. You can do so by transferring ownership of the assets into the name of the trust. Assets may include real estate, bank accounts, brokerage accounts, vehicles, and business interests. For retirement accounts and life insurance, you won’t be able to retitle them into the trust’s name, but you can name the trust as a beneficiary. It is important to consult an attorney to guide you through thisyou this process. Don’t forget to periodically review and update your beneficiary designations.

#How Much Does Estate Planning Cost?

Estate planning costs can vary widely depending upon your complexity, location, and type of service used. Most DIY online services cost between $100-$500. You’ll be able to create a simple will, living will/advance directive, financial and healthcare powers of attorney. Online services are best for younger people with simple estates and no children.

If you plan to engage an attorney to draft your estate plan, you can expect to pay anywhere from $300 up to $10,000 or more. The range is largely due to complexity and the size of the estate. For simple, lower net worth estates, you’ll likely pay $1,000 or less. For more comprehensive plans and some customization, you can expect up to $2,500 in costs, or . Ffor a comprehensive plan and trusts, up to $5,000. Anything costing over $5,000 is likely quite complex and involves trusts, tax minimization strategies, business succession planning, and asset protection structures.

Costs can also vary based on your geographic location. If you live in a metropolitan area, you can expect to pay more. Outside of attorney fees, don’t forget to set aside funds to pay for potential costs associated with funding trusts, updating documents, and annual maintenance.

#Is Professional Help Worth the Cost?

There are significant costs associated with not having a proper estate plan in place. Paying even a few thousand dollars for professional estate planning is actually a bargain compared to the potential costs, conflict, and heartache caused by inadequate planning.

#Estate Taxes: What You Need to Know in 2026

Estate taxes are often misunderstood. While most people won’t owe federal estate taxes, many may owe state estate or inheritance taxes. It’s helpful too understand the rules so you can plan effectively.

#Federal Estate Taxes

For 2026, the federal estate tax exemption was raised to $15 million for individuals and $30 million for couples. Estates exceeding these amounts will owe federal estate taxes. The amounts above the exemption are taxed at a top marginal tax rate of 40%.

Married couples benefit from “portability”, which allows a surviving spouse to use any unused portion of their late spouse’s estate tax exemption. To claim portability, the executor must file and estate tax return (Form 706) even if no tax is owed.

#State Estate and Inheritance Taxes

Currently, 12 states and the District of Columbia impose an estate tax. These include Connecticut, Hawaii, Illinois, Maine, Maryland, Massachusetts, Minnesota, New York, Oregon, Rhode Island, Vermont, Washington, and D.C.

Other states have an inheritance tax. These include Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania. Inheritance taxes differ from estate taxes in that the beneficiaries pay based on the amount and their relationship to the deceased. Typically, spouses are exempt.

#Gift Tax and Annual Exclusion

As of the 2026 tax year, you can gift up to $19,000 per person per year. Married couples can jointly gift up to $38,000 per recipient. Gifts that exceed this annual exclusion count against your lifetime gift and estate tax exemption. Strategic gifting can reduce your taxable estate while also enabling you to see your beneficiaries enjoy the money while you are still alive.

#Generation-Skipping Transfer Tax

If you plan to leave assets to grandchildren or great-grandchildren, you should be aware of the generation-skipping transfer tax (GSTT). This is a tax that prevents wealthy families from avoiding estate taxes by skipping a generation. The GSTT’s exemption is the same as the estate tax exemption.

#Stepped-Up Basis

One major benefit with inherited benefits is a step-up in basis. This means when you inherit assets, your “cost basis” of the asset (could be real estate, stocks, bonds, etc.) is stepped-up to the fair market value at the date of death. This often eliminates capital gains taxes on appreciation of the asset.

For example, assume your parent bought a stock for $1,000 and it’s now worth $10,000. If they sell it they will owe capital gains taxes on the $9,000 gain. However, if they keep the stock and you inherit it, your basis is stepped up to $10,000. If you sell it you will not owe any taxes ($10,000 fair market value - $10,000 cost basis = $0 gain). It is a massive benefit for owners to hold assets until their death because of this.

#Digital Assets and Your Estate Plan

A new and often overlooked component of estate planning is dealing with digital assets. Your digital footprint includes online financial accounts, social media profiles, photos, creative works, websites, subscriptions, and more. So much of our life is online now, so we must protect it within our estate plan to preserve our legacy in this new era.

Digital assets pose unique challenges. There can be access barriers, privacy concerns, specific platform policies, and value assessment difficulties. To help combat any potential issues and make it easier for your family you’ll want to do the following when creating or updating your estate plan:

• Create a digital asset inventory that includes the account URL, usernames, passwords, values, instructions for handling.
• Use a password manager that is secure.
• Grant access to these digital assets through your power of attorney. Your POA needs to explicitly include this type of authority.
• Designate legacy contacts. Many platforms offer legacy contact features.
• Back up important data. Be sure to not only backup your cloud accounts, but to also backup to external hard drives and/or physical copies.
• Include specific instructions as to how you want these accounts managed, memorialized, or closed after your death.

#When to Update Your Estate Plan

Estate plans are made to set it and forget it. As your life evolves, so should your estate plan. Periodically reviewing and updating your estate plan is crucial to ensure it remains effective is very important. You should review your estate plan in the following situations:

• Every 3-5 years no matter what
• After any major life event
• When estate tax exemptions change
• Marriage or divorce
• Birth or adoption of a child
• Death of a beneficiary, executor, or trustee
• Any significant changes to your financial situation
• Diagnosis of a serious illness
• At retirement
• If you move to a new state
• Purchase a property in a different state
• Relocate to a community property state
• If you have a falling out with any key person in your estate plan
• If you change your mind about any beneficiary
• If you remarry or now have a blended family
• Tax laws are updated
• States change estate thresholds or inheritance taxes
• Any updates in your state to trust or probate laws

#How to Update Your Estate Plan

For minor changes to your estate plan you may only need a codicil (an amendment to a will) or a trust amendment. For major changes you may need an entirely new will or trust reinstatement. You should always make sure your beneficiary desigations are updated and complete on your financial accounts and that you’ve written a letter of instruction to accompany the estate documents. Don’t attempt to modify original estate planning documents by crossing out text or handwriting changes. This can invalidate a document entirely.

#Estate Planning at Every Life Stage

Your estate planning needs will evolve as you grow older and through different stages. Your priorities will shift in each era. Each in each stage you should focus on the following:

#Young adults (20s-30s):

• Healthcare power of attorney and living will
• Financial power of attorney
• Basic will, especially if you have kids
• Beneficiary designations on all retirement accounts and life insurance
• Digital asset inventory

#Growing Families (20s-40s):

• Comprehensive will with guardian designations
• Consider a revocable living trust
• Life insurance with beneficiaries
• 529 education savings accounts for children
• Update documents as your family grows

#Peak Earnings Years (40s-60s):

• Living trust to avoid probate
• Tax planning strategies
• Charitable giving
• Business succession planning
• Review and update regularly

#Pre-Retirement and Retirement Years (60s+):

• Long-term care planning
• Required minimum distribution strategies
• Roth conversion planning
• Ensure trust is properly funded
• Plan for potential incapacity

#Seniors (70s+):

• Update healthcare directives
• Simplify estate structure
• Consider gifting strategies
• Review beneficiaries frequently
• Ensure your family knows plan details

#Common Estate Planning Mistakes to Avoid

Even those with the best of estate planning intentions can get things wrong. There are some common pitfalls to avoid:

• Procrastinating. Don’t assume you have plenty of time to create your estate plan. Unexpected tragedies can create immense burdens on families.
• Failing to fund your trust. If you don’t properly retitle assets the trust is worthless and the assets will go through probate.
• Forgetting to update your beneficiaries. Particularly in the case of death or divorce, you don’t want the wrong people receiving benefits.
• Not coordinating the estate plan with beneficiary designations. If your will says one thing but your beneficiary designations don’t reflect that accurately, courts will use the beneficiary designation as the final say, even if it goes against your wishes expressed in your will.there will be conflict and distribution contrary to your wishes.
• Choosing the wrong executor or trustee. If you name someone who can’t or won’t effectively manage your estate, there will be more conflict, delays, and stress.
• Assuming joint ownership solves everything. This can cause a myriad of issues including with taxes, cost basis, family conflict, potential creditors, and more.
• Disinheriting someone without explanation. If you cut a family member out of your estate plan without their knowing it could lead to a contested will or significant family riffs.
• Overlooking tax consequences. Your family could be forced to pay estate, income, or capital gains taxes and receive less than anticipated if planning isn’t done well.
• Keeping your estate plan secret. There could be an emotional toll on your family and add confusion and stress after your passing.
• Using online tools instead of an attorney for complex situations. You might make a mistake or miss important details.
• Failing to plan for incapacity. We don’t just plan for death, we also need to plan for if we’re unable to communicate or become permanently disabled.

#Other Estate Planning Tips

Other than creating the necessary documents and strategies, you should also make a few other considerations.

#Complete Them Early

“Most people think, ‘I want to have more wealth and something to actually something actually protect,” says Donovan. “It’s a good idea to just set up the structure right from the beginning so that you don’t have to redo everything when your financial life gets more complicated.”

Early estate planning costs are less because your situation is simpler. It’s easier to establish good structures now.

#Don’t Just Pass on the Assets, Pass on Your Values

Donovan suggests a “legacy letter” – writing something to your children and grandchildren about your life, values, what you hope they do with the assets you pass on, and any other loving words to comfort and guide them.

“You need to make sure you not only give your kids the money, but the values it took to create that money in the first place,” he recommends. “I’ve seen people receive that legacy letter after the fact and be extremely grateful.”

#Consider Professional Help for Complex Situations

Work with an estate planning attorney if you have any of the following circumstances as the price is well worth any unintended costs.

• A blended family with children
• A special needs child who receives government benefits
• Assets worth more than $5 million total
• Ownership in a business
• Real estate in multiple states
• Concerns regarding family conflicts
• Charitable giving wishes
• Complex tax situations

#Communicate Your Plan

Once you’ve created an estate plan, tell your family all about it. They will be grateful you had your financial house in order and provided transparency during a difficult time. Ensure that your family knows about the plan in general, your reasoning behind your decisions, the location of all estate planning documents, and who the executor and/or trustee are. Review the plan and you will reduce conflict and potential hurt feelings. Make sure the right people know where your documents are and what they say before you go to the hospital for any major procedures, as well.

#Review the Plan Regularly

In a previous section we detailed when you should be reviewing your estate plans, but at a minimum it should be every 3-5 years, after a major life change, as tax laws change, or when you move to a new state.

#Keep Documents Safe but Accessible

Store your original estate planning documents in a fireproof home safe, safe deposit box, or with your attorney. Make sure your someone has the safe code, and you maintain copies for yourself. It’s advisable to give copies to your executor, attorney, trustee, and those with powers of attorney.

#Start with the Full Picture of Your Finances

Estate planning works the best when you completely understand your finances. Before you draft your documents, organize your finances and get a full financial picture. Monarch’s comprehensive tracking system will help you see all accounts in one place, calculate an accurate net worth, track your assets’ value, monitor changes in your financial situation, and allow you to share the financial dashboard with attorneys and advisors.

This will make estate planning seamless and effective. The most important step you can take today is to get started. Get organized, then documents put in place, and update as needed. You and your loved ones will have peace of mind that you took action today.

#FAQs

What’s the difference between a will and a trust?
A will is a legal document that specifies how you want your assets distributed upon your death and who should care for your minor children. A trust is a legal entityentitiy that holds assets during your lifetime and after death. Assets in a trust avoid probate, remain private, and can provide management if you are incapacitated. A will goes through probate, becomes public record, and only goes into effect after you die.

Do I need an estate plan if I’m not wealthy?
Yes, definitely. This isn’t just about money, it’s about protecting your loved ones and ensuring your wishes are followed. If you have minor children, you need to specify who will raise them if you pass away. Healthcare directives and powers of attorney ensure your affairs, both financial and personal, are managed as you desire if you are incapacitated. Without an estate plan you leave financial, medical, end-of-life care, and asset distribution up to state law.

What happens if you die without a will?
If you die without a will this is called dying “intestate”. State intestacy laws then determine who inherits your assets. Normally, your assets will go to your closest relatives in a predetermined order – spouses first, then children, parents, siblings, and extended family. This process is more time consuming and expensive than dying with a will in place. You also lose control over how your estate is distributed and who cares for your minor children as the state’s rulings may not align with your wishes.

When should I start estate planning?
You should start estate planning as soon as you have assets, people who depend on you, or preferences regarding your medical care. There are some life events that trigger estate planning including marriage, having children, buying a home, starting a business, or accumulating significant assets. Don’t wait until you’re older or “wealthier”. An unexpected illness or accident could derail your intentions.