What Do I Need to Know Before Starting an Estate Plan?- Estate planning isn’t about preparing to hand over the keys to the castle. It’s about protecting a lifetime of earnings and savings. A professionally created estate plan ensures that your assets don’t disappear in probate fees, long-term care costs, or taxes. According to a recent article, “10 Things You Should Know About Estate Planning” from Kiplinger, an estate plan can also keep you and your spouse in your own home and pass an inheritance to your grandchildren and not the IRS.
You’ll want an up-to-date will, a revocable living trust, a power of attorney (POA) document and healthcare directives as the foundation of an estate plan. They’ll give you the peace of mind money can’t buy. This should be done while you are healthy and your thinking is clear, so that loved ones won’t have to agonize over your intentions or, worse, end up in court.
At its core, the estate plan sets out how you want assets handled upon your death or if you become physically or mentally incapacitated. These aren’t fun things to contemplate, which is why many people procrastinate. However, leaving this undone creates stressful and costly situations for those you love. An estate plan can’t prevent death or illness. However, the emotional fallout it can prevent is priceless.
Estate planning also explains your wishes when you have a serious illness or medical condition and can’t make decisions or communicate. An estate plan also includes a financial power of attorney to name another person to manage finances and pay bills when you’re alive but can’t.
A healthcare directive, sometimes known as a healthcare power of attorney, names a family member or trusted friend who can make decisions and provides specific instructions, such as whether you want to be an organ donor, when to stop life support, or when to continue it.
Having an experienced estate planning attorney create your will ensures that the wrong person doesn’t inherit your estate.
What happens if you don’t have an estate plan? Every state has laws for what to do when a person dies or becomes incapacitated. Whatever the laws of your state are will guide courts and healthcare providers. Your loved ones may know what your wishes are. However, it won’t matter if you don’t have a will.
Beneficiary designations override your will. These are in forms you signed when opening retirement accounts and purchasing life insurance. These instructions will stand, no matter what your will says. If you have your old college buddy on a policy you purchased decades ago, they’ll receive the life insurance proceeds—even if you’ve more recently intended them for your wife.
Trusts are used to hold property for a beneficiary. This is an efficient means of controlling the distribution of money and property after death. If your beneficiary is an 18-year-old grandchild and you don’t believe they are ready for a six-figure inheritance, your trust can include directions to distribute the money when they reach certain ages or milestones.
What is another reason for an estate plan created by an experienced estate planning attorney? You’ll prevent a will from being deemed invalid by the court –a frequent occurrence with DIY, handwritten, or online template wills—and speed up asset distribution.
If you have an estate plan and it hasn’t been updated in years, now is the time to review it with an estate planning attorney. It may not need any changes—or it might need a serious overhaul. If you don’t have an estate plan, you’ll need to get this done as soon as possible. Don’t leave your loved ones to fix what you neglected—they’ll appreciate your caring enough to prepare for the inevitable and difficult events of life.
Schedule your phone consultation: THE LAW OFFICES OF CLAUDE S. SMITH, III
What Do I Need to Know Before Starting an Estate Plan?
Reference: Kiplinger (April 8, 2026) “10 Things You Should Know About Estate Planning”
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