Editor's note: This post was originally published July 31, 2023, and has been updated for accuracy, comprehensiveness and freshness on July 9, 2025.
Estate planning isn't just for the wealthy, it's essential for anyone who wants to protect their loved ones and ensure their wishes are honored. Whether you own a home, have savings, or simply want to make healthcare decisions clear, having an estate plan provides peace of mind and prevents legal confusion after death.
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This estate planning guidance will walk you through different types of estate planning documents, common mistakes to avoid, and practical tips for getting started. That’s our goal today! By following this estate planning checklist, you'll have the foundation to create a plan that truly protects what matters most.
Estate planning is the process of deciding who gets what and when and making sure your loved ones are protected if something happens to you. Your estate includes everything you own: your home, car, bank accounts, investments, personal belongings, and even digital assets.
But estate planning goes far beyond just writing a Will. It's about creating an estate plan that includes:
A complete estate plan addresses both end-of-life wishes and incapacity planning, ensuring you're protected in any situation.
There are different types of documents that you can create for estate planning. However, the specific documents you will need will vary depending on your unique circumstances and goals. You should seek advice and assistance from an estate planning attorney.
Your Last Will and Testament is the cornerstone document that outlines who receives your property after death. It also allows you to:
While Wills must go through probate court and become public record, they're essential for asset distribution and provide legal clarity for your family.
A revocable Living Trust allows your assets to transfer to beneficiaries without going through probate, saving time and money. While a revocable Trust can be altered or canceled by the grantor at any time, an irrevocable Trust is a permanent transfer of assets that generally cannot be changed once established. Trusts are especially valuable for:
A Financial Power of Attorney grants someone you trust the legal authority to make financial decisions if you become incapacitated. This document can cover:
Without this document, your family may need to go to court to gain access to your finances during a medical emergency. A durable power of attorney remains in effect when you are unable to make decisions.
A Healthcare Power of Attorney lets you choose someone to make medical decisions on your behalf if you can’t make them for yourself. It is important to pick someone you trust and who understands your wishes for medical treatment.
A Healthcare Directive or Living Will communicates your wishes for end-of-life medical treatment when you can't speak for yourself. This document typically addresses:
Pairing this with a Healthcare Power of Attorney ensures someone can make medical decisions on your behalf while following your stated preferences.
Even well-intentioned people make critical errors that can undermine their estate plans. Here are some of the most practical estate planning suggestions to help you avoid costly mistakes:
Wondering how to start estate planning? Follow these practical steps to build your plan systematically:
Make a detailed list of assets for estate planning including:
Select reliable individuals to serve as:
You want to ensure your documents comply with state laws and address your specific situation. An experienced attorney can provide personalized estate planning guidance that generic templates can't offer. The cost of estate planning will vary depending on whether you use a traditional attorney or contact one through a subscription like LegalShield, but you can trust that an estate planning attorney can give peace of mind.
Life changes like marriage, divorce, births, deaths, or significant financial changes should trigger a review of your estate plan.
Use this estate planning checklist to ensure you haven't missed any critical elements:
This estate planning organizer approach ensures you gather everything needed before meeting with an attorney, streamlining the process and reducing costs.
Finding the right estate planning resources can make the difference between a comprehensive plan and costly oversights:
Don't wait for the "perfect" time to begin your estate planning journey. Reach out to qualified professionals who can help you create a plan tailored to your specific needs and circumstances.
LegalShield makes estate planning accessible and affordable for families at every income level. As a LegalShield Member, you get access to experienced estate planning attorneys who can guide you through the entire process.
LegalShield's provider lawyers can help you understand what documents you need, review existing estate plans, and create an estate plan for your family. With professional legal guidance just a phone call away, you can move forward with confidence knowing your estate plan meets your state's requirements and protects what matters most.
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Content Specialist at LegalShield, creating educational resources about legal and consumer protection topics. She focuses on making complex legal and financial concepts accessible to readers and has contributed to various educational articles on consumer rights and protections.
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A Transfer on Death Deed (TODD) is a tool you can use to avoid probate on your real estate. Instead of waiting months for a court process, your home or other real estate passes directly to the person you choose.
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