Estate Planning Basics: What to Put in Your Will and What Lawyers Won't Always Tell You

Estate planning is less about wealth and more about care. A will and sensible estate planning reduce confusion, protect minor children, and ensure your wishes are followed. This article covers the basics, common omissions, and questions to ask your attorney so you get the right protection for your circumstances.

Why everyone needs an estate plan

Without a will, state law determines who inherits your assets and who will care for your children. That can lead to unintended outcomes. An estate plan gives you control and lets you express how you want your affairs managed and who should make decisions for you if you cant.

Essential documents

• Last will and testament - Distributes property, names an executor, and appoints guardians for minor children.
• Revocable trust - Holds assets during your lifetime and can avoid probate for assets placed into the trust.
• Durable power of attorney - Appoints a person to manage financial decisions if you become incapacitated.
• Healthcare directive and medical proxy - Details medical preferences and names someone to make healthcare decisions for you.
• Beneficiary designations - Ensure retirement accounts and life insurance have up to date beneficiaries; these override wills.

Common surprises and omissions

Many people encounter surprises during probate because of oversights. Here are frequent issues

• Outdated beneficiary forms - A life insurance policy with an old beneficiary directs assets regardless of your will.
• Digital assets - Emails, crypto, and online accounts need clear instructions and access paths.
• Joint owned property - Joint tenancy with rights of survivorship can move assets outside of probate and your will.
• Guardianship details - Naming a guardian is crucial for parents of minors; also name an alternate.

Questions to ask a lawyer

• Do I need a will, a trust, or both?
• How will probate work in my state and what costs should I expect?
• How should I handle digital assets and passwords?
• Who should I name as executor and backup?
• What tax implications will my estate face?

Practical tips for low cost planning

If you have a modest estate, consider a simple will combined with beneficiary updates and a durable power of attorney. Many jurisdictions offer low cost or pro bono legal aid for wills. Online legal services can handle straightforward cases, but complex estates and second marriages usually benefit from in person counsel.

Who should be on your planning team

Consider a lawyer for legal documents, a financial advisor for asset planning, and an accountant for tax questions. For complex family situations, a mediator or family counselor can help create clear plans that reduce future conflict.

Updating your plan

Update estate documents after major life events such as marriage, divorce, births, substantial changes in assets, or changes to family relationships. Review at least every five years to keep beneficiary designations and documents current.

Final recommendation

Estate planning is an act of care for the people you love. Start with small steps: name a health proxy, select an executor, and check beneficiary designations. Those small actions reduce stress and provide clarity during a difficult time.