1. Last Will and Testament

Your will is the cornerstone document that specifies how your assets should be distributed after your death, names guardians for minor children, and can designate an executor to carry out your wishes. Without a valid will, state or local intestacy laws determine how your assets are distributed — a process that rarely matches what someone would have actually wanted, and one that can create friction among surviving family members.

• Key things to review periodically: beneficiary designations, guardianship nominations (if you have minor children), and executor selection — especially after major life events like marriage, divorce, or the birth of a child.

2. Revocable Living Trust

A trust allows assets to pass to beneficiaries without going through probate — the court process that validates a will and oversees distribution of assets, which can be slow, public, and sometimes costly. A revocable living trust also offers more privacy than a will, since its terms generally aren’t part of the public record, and it can provide continuity of asset management if you become incapacitated.

• Not everyone needs a trust, but they’re often recommended for those who own property in multiple locations, want to avoid probate, or want more control over how and when beneficiaries receive their inheritance (for example, releasing funds gradually rather than all at once).

3. Durable Power of Attorney

This document authorizes a trusted person to make financial decisions on your behalf if you become unable to do so yourself — whether due to illness, injury, or incapacity. Without one, your family may need to petition a court for legal authority to manage your finances, which can be a lengthy and stressful process at exactly the wrong time.

• Choose someone carefully. This person will have significant authority over your financial affairs, so it should be someone you trust completely and who is capable of managing financial matters responsibly.

4. Healthcare Power of Attorney (Medical Proxy)

Separate from your financial power of attorney, this document names someone to make medical decisions on your behalf if you’re unable to communicate your own wishes. It ensures that someone you trust — rather than a default legal hierarchy that may not reflect your actual relationships — is empowered to advocate for your care.

5. Living Will / Advance Healthcare Directive

While a healthcare power of attorney names who makes medical decisions for you, a living will specifies what those decisions should be — particularly around life-sustaining treatment, resuscitation preferences, and end-of-life care. Having this in writing spares your family from having to guess, or disagree, about what you would have wanted during an emotionally difficult time.

6. Beneficiary Designations

Certain assets — retirement accounts, life insurance policies, and some bank or investment accounts — pass directly to named beneficiaries, regardless of what your will says. This makes beneficiary designations one of the most commonly overlooked parts of estate planning: outdated designations (an ex-spouse still listed on a policy, for example) can override your current wishes entirely.

• Review these every few years, and especially after marriage, divorce, the birth of a child, or the death of a previously named beneficiary.

7. Letter of Intent / Memorandum of Wishes

This isn’t a legally binding document, but it’s one of the most valuable for the people left behind. A letter of intent can include practical information — account locations, digital passwords, funeral preferences, and messages to loved ones — that a will typically doesn’t cover but that families desperately need in the days after a loss.

Wills vs. Trusts: A Quick Comparison

A question we hear often is whether someone needs a will, a trust, or both. In most complete estate plans, the answer is both — they serve different purposes:

	Will	Trust
Goes through probate	Yes	Typically no
Becomes public record	Yes	Generally no
Takes effect	After death	Can take effect during your lifetime
Covers incapacity	No	Yes, if properly structured
Complexity/cost to set up	Lower	Higher

 

A will is often the foundation, while a trust is layered in when someone wants to avoid probate, maintain privacy, or exercise more control over the timing of distributions.

Common Estate Planning Mistakes

• Never updating documents after major life changes — a divorce, remarriage, new child, or relocation to a different jurisdiction can all significantly affect how documents should be structured.
• Assuming a will covers everything — as noted above, retirement accounts and insurance policies pass via beneficiary designation, not your will.
• Choosing the wrong executor or trustee — this role requires both trustworthiness and the practical ability to manage financial and legal responsibilities.
• Not planning for incapacity, only death — powers of attorney and healthcare directives matter while you’re alive, not just after.
• Delaying entirely — the most common mistake of all. Even a basic plan is far better than none.