- Find a Lawyer
- Search Legal Resources
Find a Lawyer
Planning an Estate
Making an estate plan can give peace of mind to yourself, a surviving spouse, and your family members.
This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw’s team of legal writers and attorneys and in accordance with our editorial standards.
The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area.
Despite its importance, estate planning is often considered a low priority by many people, even as they age. It can also be hard for people to think about their own eventual death or incapacity.
The section below provides helpful links to relevant topics:
Information on Planning an Estate
This comprehensive estate planning section provides information about common estate planning topics and tools. Use this landing page to create a checklist of issues to explore deeper based on your circumstances.
The Importance of Estate Planning
Making an estate plan can give you, a surviving spouse, and other loved ones peace of mind. Despite its importance, many people often consider estate planning a low-priority task. That’s understandable. Thinking about your inevitable death or potential incapacity can be challenging, but don’t let any initial hesitancy prevent you from estate planning.
Important Considerations
- 4 Little-Known Reasons Why Estate Planning Is Important for Families
- Estate Planning Mistakes
- Common Legal Struggles for Blended Families
- Funeral Planning FAQ
Estate Laws
- Can You Use an LLC for Estate Planning Advantages?
- Digital Estate Planning Laws
- What Is Digital Estate Planning?
- Intestate Succession Laws by State
- State Death Taxes: Estate, Inheritance, and Gift Taxes
- State Laws: Estates & Probate
- What Is a Lady Bird Deed?
What Is a Beneficiary?
- What Exactly Is a Contingent Beneficiary?
- Simple Explanation: Beneficiary
- Joint Tenants With Survivorship vs. Tenants in Common
- “Unequal”vs.”Inequitable”in Inheritance Matters
Estate Tax Law
- Gift Tax and Estate Tax: An Overview
- Federal”Death Taxes”FAQ
- Reducing Estate Tax for Gifts
- 10 Ways to Reduce Estate Taxes
- Non-Tax Reasons for Having an Estate Plan
- Non-Tax Deductible Fees
Meeting With an Estate Planning Lawyer
- Using an Estate Planning Attorney: The Basics
- 5 Important Estate Planning Questions To Ask a Lawyer
- Prepare To Meet With an Estate Planning Lawyer
Creating a proper estate plan can allow you to:
- Select guardians for your dependents
- Engage in tax planning for asset protection purposes
- Make your long-term care and healthcare decisions known to loved ones and medical providers
- Align your financial affairs with your estate plan
- Ensure your beneficiary designations are up to date so that selected assets transfer to beneficiaries according to your wishes
- Minimize or eliminate the probate court process
People who plan their estate enjoy many benefits. They can include the following:
- Avoiding the probate process
- Supporting minor children
- Automatic transfer of real estate and other real property without going through probate
- Providing for those with special needs
- Having the ability to update and make changes to your plan during their lifetime
Experience the benefits of estate planning by getting started with an estate plan today.
Types of Estate Plans
The most common legal documents people use to transfer money or property are:
All these legal documents together are also called an estate plan. As you begin planning, it’s important to be informed about the various forms of estate plans. You can decide which is the most suitable for your situation. For example, one plan might be more advantageous than another regarding estate taxes.
You may also transfer other financial products by beneficiary designations. These assets can include the following:
- Bank accounts
- Annuities
- Retirement accounts
- Life insurance policies
Once you designate beneficiaries, make sure you keep them up to date.
As part of your estate plan, you can create documents that give someone else the power to make financial decisions. A financial power of attorney is helpful if you ever face incapacity or accidental death.
Estate planning can also include choices about your end-of-life care and medical care through:
- Healthcare power of attorney (POA) or medical power of attorney
- Living will
- Advance healthcare directive
These documents can give a loved one or another person the right to make medical decisions on your behalf. They can legally act as your healthcare proxy.
Life Insurance Policies Within Your Estate Plan
You can have an estate plan without having life insurance. However, life insurance will benefit your beneficiaries when you pass away. It can be a useful tool within your estate plan. Transferring a life insurance policy correctly can lower estate taxes.
Retirement Accounts Within Your Estate Plan
Retirement plans can also be part of your overall estate plan. Your estate plan documents will create a plan to transfer your money and assets after death. Often this includes retirement accounts you created earlier during your life, including IRAs and 401ks.
Estate Laws 101
The federal government and each state have estate laws. These laws cover issues such as:
- Estate taxes
- Income taxes
- Tax exemptions
- Estate planning process requirements
- Probate process
- Filing a claim against an executor
If you’re considering an estate plan, ensure you fully understand the applicable laws. An attorney or at-home DIY-guided process can help you decide on the plan that best suits your needs and wishes.
The Consequences of Failing To Plan
In extreme cases, a failure to plan your estate can lead to ugly disputes and costly lawsuits between family members. If a court is asked to distribute assets, it may do so in a way that doesn’t reflect the decedent’s wishes.
Also, it can take a year or more for a court-appointed executor to locate and manage estate property. Another consequence of lacking an estate plan is the payment of unnecessary taxes and other costs. Legal advice can set you up to succeed in getting a comprehensive estate plan in place.
Estate Planning Help
You have options for estate planning strategies. You can:
- Learn more with free resources and guides
- Talk with an estate planning attorney
- Use a guided, state-specific process to create documents
Contact an estate planning attorney first if you have a complex estate or family dynamic. State laws vary considerably.
Even if you work with an attorney, a guided online process can take complex ideas and help simplify them for you. Using online resources can also help you get organized. Gathering the relevant documents can help you build the framework for your plan. The better you understand the requirements, the more effective your time with an attorney will be.
First Steps in Your Estate Planning Process
Organization and preparation are always helpful in estate planning. The time spent preparing yourself and your paperwork can often translate into a more efficient and thorough analysis of your needs.
You can review an intake questionnaire to know what questions to consider. Choices about your health, property, and family connections may need weeks of thought before you know your wishes.
Learning More Before You Start
The articles linked in this article can educate you on the big decisions you must make.
Though the decisions can be hard to think about, an estate plan will ensure that your wishes are communicated clearly and with the maximum weight of the law. It will also minimize negative tax implications and seek to avoid future disputes by beneficiaries.
Can I Solve This on My Own or Do I Need an Attorney?
- DIY is possible in some simple cases
- Complex estate planning situations usually require a lawyer
- A lawyer can reduce the chances of a family dispute
- You can always have an attorney review your forms
Get tailored advice and ask your legal questions. Many attorneys offer free consultations.
Popular Directory Searches
Looking for more information?
You Don’t Have To Solve This on Your Own – Get a Lawyer’s Help
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.
Next Steps
Contact a qualified attorney for legal services focused on estate planning issues.
Enter information. (Required)