If you think estate planning is only for elderly people or families with vast wealth, think again. When someone dies without an estate plan, the laws of their state become their estate plan. A recent article from GAB News Online, “You Have an Estate Plan—Whether You Know It or Not,” says taking control of your life and death should be a top priority.
Estate planning is about clarifying your wishes after you have passed, as well as making the process of passing easier for your heirs. If you don’t have a will, you’ve missed the opportunity to pick the person you want to oversee distributing your assets—the executor. If you don’t have a will, the court will assign someone to do it for you, and they’ll be paid from your estate.
Estate plans also clarify and protect your wishes while you are living. Suppose you are unable to communicate your wishes because of incapacity. In that case, your estate plan includes legally enforceable documents to name a person to oversee your medical care and finances. If you don’t have these documents, your family will need to go to court to obtain guardianship and/or conservatorship.
Here’s what a comprehensive estate plan looks like:
Last Will and Testament. This document is focused on how assets are to be distributed after your death and names an executor. It is also used to name guardians for minor children, which is why every parent of young children needs to have a will.
Power of Attorney. A POA is used only while you are living and dies with you. The POA allows you to name another person to manage your financial and legal affairs if you are too sick or injured to do so yourself. If you become incapacitated without a POA, your spouse or adult children will need to petition the court for a conservatorship.
Health Care Directive. This is sometimes referred to as a Healthcare Power of Attorney. It is used to express your wishes for care if you are unable to speak for yourself and gives another person the legal power to make medical decisions on your behalf. Spouses do not automatically have these rights, and if your child is older than 18, you don’t have this right for them either. When your children reach age 18, you should have a Healthcare POA created, so you can continue to be involved with their medical care.
Beneficiary Designations. Certain accounts pass directly to the named beneficiary and are not subject to probate. They typically include IRAs, 401(k)s, life insurance policies and retirement accounts. They are not included in your will. Every year or so, it is wise to review any accounts with beneficiary designations to ensure that the person named on the account is still the intended recipient of the asset. Beneficiary designations supersede your will and cannot typically be overturned, even in court.
The beauty of the comprehensive estate plan is that it protects you during life as well as after death. Created with an experienced estate planning professional, your estate plan prevents expensive litigation between family members, prevents confusion about your wishes and gives loved ones a clear path to follow. Estate plans should be reviewed every few years or after significant life events.
The estate plan isn’t just for distributing assets. It’s for your peace of mind, creates a legacy reflecting your values and shows your family you cared enough to plan for their future as well as your own. Contact us today and get the right estate plan!
Reference: GAB News Online (July 21, 2025) “You Have an Estate Plan—Whether You Know It or Not”