Estate
The estate checklist most people put off
A basic estate plan is nine items, and most of them take less time than renewing a passport. Beneficiary designations on retirement accounts and life insurance override your will, so check those first; they are where most mistakes live. Then the will, the two powers of attorney, guardianship for minor children, and the digital legacy.
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The nine items
- Beneficiary designations, checked and current
- A will
- Durable power of attorney for finances
- Healthcare proxy and advance directive
- Guardianship nomination for minor children
- Life insurance that matches the mortgage and the years until the kids are independent
- Titles and deeds in the right names (joint, transfer-on-death where your state allows)
- Digital legacy settings and the letter
- One place where the executor can find all of it
Lawyer or online?
Simple situation (one marriage, assets under the estate-tax threshold, no business, no special-needs beneficiary): a reputable online service is fine. Any of those complications: an estate attorney, once, for a flat fee. The cost of getting it wrong lands on the people you are trying to protect.
Questions people ask
- Do I need a trust?
- Not necessarily. A trust avoids probate and keeps the estate private; its value depends on your state's probate process and the size and type of your assets. Ask an estate attorney what probate looks like where you live.