Ten Estate Planning To‑Dos That Can Help Protect Your Family
Estate planning isn't just for the ultra‑wealthy or people nearing retirement. It's a practical set of steps that helps anyone (at any life stage) protect loved ones, minimize confusion, and ensure their wishes are honored.
Below is a checklist of ten simple actions you can take to strengthen your plan, without getting lost in jargon.
Create (or Update) Your Will
A will names who gets what, who settles your estate (the executor), and, crucially, who would care for minor children. If you don't have one, state law decides these things for you, which can create delays and stress for your family. Even a basic, up‑to‑date will is far better than none.
Check Every Beneficiary Designation
Retirement accounts, life insurance, and many financial accounts pass by beneficiary designation, not by your will. That means an outdated form can unintentionally override your carefully written estate documents. Review primary and contingent beneficiaries annually and after major life events (marriage, divorce, new child, loss).
Establish a Durable Financial Power of Attorney
If you're incapacitated, who can pay bills, manage accounts, or handle urgent financial decisions? A durable financial power of attorney authorizes a trusted person to act on your behalf, preventing costly delays and court involvement when time matters most.
Put Medical Directives in Writing
Two key documents do the heavy lifting here: a healthcare power of attorney (naming someone to make medical decisions) and a living will/advance directive (stating your treatment preferences).
Clear instructions spare loved ones from having to guess during stressful moments.
Sign a HIPAA Release
Even with a healthcare POA, some providers won't share information without a HIPAA authorization. Granting select family members access to medical information helps your decision‑makers stay informed and aligned with your wishes.
Inventory your Assets and How They're Titled
Make a simple, up-to-date list of accounts, policies, real estate, and valuables, along with where the documents live. Then confirm ownership: individual, joint, trust, or entity.
Titling determines whether assets must go through probate and whether they flow in sync with your overall plan. Your financial advisor can help identify gaps and coordinate with your attorney.
Use TOD/POD Designations Where Appropriate
Many bank and brokerage accounts allow Transfer on Death (TOD) or Payable on Death (POD) designations so assets pass directly to beneficiaries, often avoiding probate. These designations should complement, never conflict with, your will and trust.
Review them alongside your beneficiary forms for consistency.
Consider a Revocable Living Trust
A revocable living trust can help streamline administration, maintain privacy, and manage assets during incapacity, especially useful if you own property in multiple states or want more control over how and when beneficiaries receive assets.
Whether a trust is right for you depends on your goals, assets, and state law; coordinate with your advisor and an estate attorney.
Protect Young Loved Ones with Special Needs Planning
Avoid naming minors directly as beneficiaries of accounts or life insurance; doing so can trigger court involvement and limit access to funds for their care. Instead, work with your attorney to use trusts or other structures that clearly outline who manages assets and how they can be used.
Special‑needs planning often requires specialized trust provisions to preserve benefits and provide long‑term support.
Keep Everything Current and Coordinated
Life changes, and so do the rules. Revisit your documents after major milestones (marriage, divorce, birth, death, new business, significant inheritance) and at least every few years to align with tax and estate law updates.
