Key Takeaways
- Estate planning isn’t just for the wealthy; it decides who makes decisions for you if you’re incapacitated and who receives what you own when you die.
- The core documents are a will, a living will, a health care power of attorney, a financial power of attorney and a HIPAA release.
- Beneficiary designations and jointly owned property pass outside your will, so they must be kept up to date too.
- A revocable living trust can help you avoid probate and keep things private, but it isn’t necessary for everyone.
- Review your plan every three to five years and after major life events.
What estate planning really means
Estate planning is the process of deciding, in advance, what happens to you and your belongings if you become unable to manage your own affairs or when you die. It answers questions like:
- Who makes medical decisions if I can’t?
- Who pays my bills if I’m in the hospital?
- What medical treatment do I want at the end of life?
- Who receives my property, and who’s in charge of distributing it?
- Who raises my children?
Without a plan, state law answers those questions for you, and the answers may not match your wishes.
The estate planning checklist
1. Core legal documents
- Last will and testament: names who inherits your property, an executor to carry it out, and a guardian for minor children. See will vs. trust and what happens if you die without a will.
- Living will: your wishes about life-sustaining treatment. See what is a living will?
- Health care power of attorney: the person who makes medical decisions if you can’t. See our guide to medical power of attorney.
- Durable financial power of attorney: the person who manages your money if you can’t.
- HIPAA release: lets doctors share information with the people you choose.
2. Accounts that pass outside your will
- Life insurance and retirement accounts: confirm primary and contingent beneficiaries
- Bank and brokerage accounts: consider payable-on-death or transfer-on-death designations
- Real estate: check how the title is held
3. Practical information for your family
- A list of accounts, insurance policies and where important documents are kept
- Digital accounts and how to access them
- Funeral and burial wishes
- A plan for your pets; see pet trusts
4. People to choose
- Executor and an alternate; see how to choose an executor
- Health care agent and financial agent, plus alternates
- Guardian for minor children
- Trustee, if you create a trust
Which document does what?
| Document | When it works | What it controls | Who you name |
|---|---|---|---|
| Will | At death | Property that passes through probate; guardians for children | Executor, beneficiaries, guardian |
| Revocable living trust | During life and at death | Assets you transfer into the trust | Trustee, beneficiaries |
| Living will | When you’re terminally ill or permanently unconscious | Life-sustaining treatment | No one; it records your wishes |
| Health care power of attorney | When you can’t make medical decisions | Medical care | Health care agent |
| Durable financial power of attorney | Usually immediately, and during incapacity | Money, property, paperwork | Financial agent |
| HIPAA release | When signed | Who can receive your health information | People you authorize |
When to update your plan
- Marriage, divorce or a new partner
- The birth or adoption of a child or grandchild
- A move to a different state
- A death or change in circumstances of someone you named
- Buying a home or a major change in your finances
- At least every three to five years, even if nothing has changed
Frequently asked questions
Most adults need a will, a living will, a health care power of attorney, a durable financial power of attorney and a HIPAA release, plus up-to-date beneficiary designations.
Not necessarily. A revocable living trust is useful if you want to avoid probate, keep your affairs private, own property in more than one state or manage how heirs receive money. Many people do fine with a will and beneficiary designations.
At 18. Every adult needs health care and financial powers of attorney and a HIPAA release, and anyone with children, property or a partner should have a will.
Somewhere safe that your executor and agents can access, such as a fireproof home safe, with digital copies stored securely. Tell your agents where the originals are.
Yes, in every state you can make your own will, as long as you follow your state’s signing rules, usually including witnesses. Some situations, such as a blended family or a business, benefit from an attorney’s help.
Guides in this hub
- What Is a Living Will? How It Works and What to IncludeA living will records your wishes about life-sustaining treatment if you can't speak for yourself. Learn what it covers, when it applies and how it differs from a will.
- Living Will vs. Advance Directive: What’s the Difference?An advance directive is the umbrella term; a living will is one type. Learn how living wills, health care powers of attorney and advance directives fit together.
- Will vs. Trust: Which Do You Need?Compare a will and a revocable living trust on probate, privacy, cost and control. Learn when a will is enough and when a trust makes sense.
- What Happens If You Die Without a Will?If you die without a will, state intestacy law decides who inherits, who manages your estate and who raises your kids. Here's what typically happens.
- Funeral Planning Checklist: How to Plan AheadA step-by-step funeral planning checklist: burial or cremation, the service, costs, paperwork and how to make sure your family can find your wishes in time.
- How to Avoid Probate: 6 Common StrategiesProbate can be slow, public and costly. Learn six common ways to pass assets directly to your heirs, from beneficiary designations to a living trust.
- How to Choose an Executor for Your Will (and What They Do)Your executor carries out your will. Learn what an executor does, who makes a good choice, and the mistakes to avoid when naming one.
- Pet Trust: How to Provide for Your Pets After You’re GonePets can't inherit money, but a pet trust can fund their care. Learn how pet trusts work, how they compare with a will, and how to choose a caregiver.
Don’t leave your family guessing
Put your health care wishes in writing with a living will, HIPAA release and medical authorization. The No Brainer Box adds a last will, a revocable trust and health care and financial powers of attorney.
- Answer a few simple questions online
- Download your completed, ready-to-sign forms
- Sign them and keep copies in your account
This guide is general educational information written by the No Brainer Forms Team. It is not legal advice, and No Brainer Forms is not a law firm. Laws and signing requirements vary by state; for advice about your situation, talk to a licensed attorney in your state.