You can’t read or watch the news without seeing headlines about unexpected deaths from tragic events. Despite those reminders, many people delay getting their estate in order to protect their families.
A recent AARP poll found most Americans recognize the need for estate planning, but only about half had taken any concrete planning steps. Don’t assume you don’t need an estate plan because you’re young, healthy, or have a modest estate.
Your estate plan is a plan of action that addresses what happens to your family after you die. You can do your own planning, but working with a professional estate or financial planner is recommended to help ensure a comprehensive plan. For related guidance, see Planning for Long-Term Care and Estate Management and Estate Planning and Disaster Preparedness. You can also review Estate, Event, Property and Long-Term Care Planning for additional perspectives. If you prefer professional help, talk to an agent.
One of the most valuable aspects of estate planning is the chance to think things through carefully. Keep these six points in mind to make implementation as smooth as possible for your survivors.
Six points to make implementation as smooth as possible
- Communication. A plan only you know about does little good for survivors. Make sure family members know advisers’ names and phone numbers, what the estate plan covers, where assets are held, and the basic intent of your will.
- Organization. Prepare a to-do list for surviving family members that outlines what to do in the days, weeks, and months after your death. Include items such as notifying life insurance, handling burial arrangements, and managing debt payoffs, especially if assets are illiquid.
- Responsibility. Name a responsible party to carry out tasks and identify a trusted adviser your survivors can contact for assistance. Also establish legal successor guardians for minor children and confirm those guardians are willing to serve.
- Awareness. Ensure all parties know where to get needed information. Have your estate planner, adviser, or attorney hold signed copies of estate documents, and create an emergency file showing where your important documents and contact numbers are stored.
- Explanation. Explaining the intent behind your plan can reduce misunderstandings and resentment. Most experts recommend involving family in the planning conversation so they understand your choices.
- Review. Life circumstances change. Periodically review your estate plan with your planner and update beneficiaries, guardians, and instructions as needed.
Death isn’t pleasant to consider, but the consequences for family members when there is no plan can be far worse. Review your plan regularly and keep your family and advisers informed.
For additional information on long-term care considerations and how they interact with estate choices, see Long Term Care and Estate Planning.
Frequently Asked Questions
What happens if I die without an estate plan?
If you die without an estate plan, state laws typically determine how your assets are distributed and who cares for minor children; that process can be slower and less targeted than a plan you create yourself.
How often should I review my estate plan?
Review your estate plan after major life events—marriage, divorce, birth, death in the family, or significant financial changes—and at least every few years.
Should I tell my family about the details of my estate plan?
Yes. Clear communication reduces confusion and conflict after your death and helps your family carry out your wishes more effectively.
Do I need a lawyer to make a valid will?
While you can create a will without a lawyer, working with an attorney or qualified planner can help ensure documents meet legal requirements and match your intentions.