When most people think of estate planning, they may think of someone on their deathbed writing a will. Similarly, others may assume estate planning is only for those with enough assets or finances to warrant it. Neither of these preconceived notions reflects the reality of estate planning. Whether you want to protect your assets, make your healthcare wishes known, or ensure a smooth transfer of property after your passing, estate planning gives you the tools to take control.
Why Estate Planning Matters for Everyone
According to a 2025 survey, only 24% of Americans have a will — a majority of whom are parents with children under 18. For many of these respondents, estate planning is something to put off until later, but honestly, there is no “right” time. It isn’t just for the wealthy or for older adults. Estate planning benefits all individuals and families at any stage of their lives. It can help you plan for the unexpected and ensure that loved ones carry out your wishes.
What Does Estate Planning Involve?
Estate planning is an all-encompassing process that involves several key documents, such as:
Wills – Your Voice After You’re Gone
A will outlines what you would like to happen to your assets after your death. It’s one of the most foundational tools in estate planning, allowing you to clearly state who should inherit your property, manage your estate, and care for any minor children.
One of the most critical aspects of a will, especially for parents, is naming guardians for your children. You can also use a will to designate which charities, loved ones, and organizations you’d like to gift with your assets.
Trusts – Beyond the Basics of a Will
While trusts may act similarly to wills by naming beneficiaries, they go beyond wills by helping your loved ones avoid a lengthy and costly probate process and keep the distribution of your assets private. Essentially, a trust names a trustee, or a trusted party, to manage your assets on your behalf.
The most common trusts include:
- Revocable trusts: You can alter or change them at any time if your circumstances evolve.
- Irrevocable trusts: You can’t change an irrevocable trust after creating it. However, it offers stronger protections against taxes and creditors.
While many people may create a will, a trust can help them avoid costly legal challenges. With them, you won’t have to worry about how your loved ones enact your wishes.
Powers of Attorney – Protecting Your Financial Interests
A power of attorney (POA) allows you to appoint someone, known as a fiduciary, to make financial decisions on your behalf. This becomes especially important if you’re ever unable to manage your own affairs because you are sick, injured, or cognitively impaired.
There are two main types: a general power of attorney, also known as a general durable power of attorney, which gives broad authority to manage your finances and property, and a special power of attorney. A special power of attorney appoints another person to manage your assets for specific purposes. For example, if you need someone to sell a property or manage a bank account, you would need a special power of attorney. Both of these documents are vital to many estate plans because they ensure someone you trust can continue managing your finances without interruption, even if you become incapacitated.
Choosing the right fiduciary to act on your behalf is crucial. This individual may be responsible for paying bills, managing investments, handling property transactions, and more. As such, they should be financially savvy, organized, and most importantly, willing to act in your best interest. Without a POA in place, your loved ones may need to petition the court for the right to manage your affairs, a process that can be time-consuming, stressful, and expensive.
Advance Healthcare Directives – Planning for Incapacity
On the flip side, an advance healthcare directive outlines your medical wishes if you can’t communicate them yourself. There are two aspects to an advance healthcare directive:
- A living will: Details the types of medical treatment you do or do not want, such as resuscitation, life support, or tube feeding.
- A healthcare power of attorney: Designates someone you trust, such as a spouse, to make medical decisions on your behalf when you’re unable to do so.
Healthcare directives are crucial to preserving your dignity and autonomy. They also prevent confusion and emotional strain for your loved ones, who might otherwise face difficult decisions without clear guidance.
Who Should Have an Estate Plan?
The short answer is that anyone who wants to protect their assets, their loved ones’ futures, and their wishes should have an estate plan, no matter their age or their income level. Throughout life, we accomplish certain milestones that may warrant an estate plan — getting married, having children, buying a home, starting a business, or even receiving a diagnosis, etc. During these stages, you’ll inevitably acquire assets that you’ll need to consider distributing after your death, add beneficiaries to your will, or appoint a trustee to finalize your wishes. Even young adults just entering the workforce should consider basic documents like a healthcare directive or power of attorney.
Estate planning can also be essential for families and individuals with unique considerations. For example, if you recently started a blended family and want to add your new spouse and stepchildren to your inheritance plans, you’ll need to draft them into your will or trust. Single parents will carry the full responsibility of naming guardians and managing assets for minor children. Couples or individuals in the LGBTQ+ community may need to take extra steps to ensure their partners and chosen families receive recognition when it comes to healthcare directives or financial assets.
What Happens Without an Estate Plan?
Without an estate plan, your assets won’t disappear into oblivion, but you can risk intestacy. This term simply refers to when a person dies without a will or trust in place. When this happens, your assets will go through probate, the legal process of distributing your assets accordingly, without the proper documentation. This means a judge won’t be able to rule on how to respect your wishes. Instead, they’ll have to rely on state inheritance laws that may not reflect your wishes.
Most inheritance laws will prioritize spouses, children, or other close relatives. If you have unmarried partners, blended families, or estranged relatives that you want to include in your estate plan, the state likely won’t respect your wishes unless you do so before passing.
Without a will, probate becomes more complicated and drawn out. Court-supervised probate proceedings can take months — or even years — and during that time, your loved ones may have limited or no access to essential funds or assets. This delay can create severe financial strain, especially if they’re counting on those resources to cover funeral costs, ongoing bills, or daily living expenses.
How To Start the Estate Planning Process
Given how crucial estate planning is, let’s dive into the specific process:
Step 1 – Take Inventory of Your Assets
The first step in estate planning is evaluating everything you own, including tangible and intangible assets like:
- Real Property;
- Jewelry;
- Bank accounts;
- Retirement savings;
- Investment portfolios;
- Noteworthy collections;
- Insurance policies;
- Business interests;
- Digital assets like cryptocurrency holdings and online banking credentials.
In addition, you’ll need to note who you would like to be able to access digital assets like your social media accounts or digital photo libraries. Evaluating all of these assets will give you a better idea of how to distribute them.
Step 2 – Define Your Goals and Wishes
Estate planning is about more than just dividing property; it’s about aligning your plan with your values, responsibilities, and long-term intentions.
For some, this might mean ensuring lifelong care for a child with special needs through a specialized trust. For others, it could involve leaving a portion of their estate to a favorite charity, funding a grandchild’s education, or passing down a family business to the next generation. You may also want to set conditions for how and when particular beneficiaries receive assets, especially if they’re minors or not yet financially responsible.
Defining your goals early makes it easier to choose the right legal tools and structure your estate plan accordingly.
Step 3 – Choose the Right Representatives
Even if you have a will, it can still be carried out incorrectly unless you appoint the right representatives to carry it out. These individuals — from the guardian who will parent your minor children to a trustee or executor who will distribute your assets — will make financial, legal, and medical decisions, so choose wisely. They should not only be trustworthy, but you should also know if they’re capable of the task at hand.
If needed, you should also outline backups if your first choice is unavailable. Most importantly, inform these people about your preferences. Communicating about your wishes can prevent conflict later and keep the estate planning process running smoothly.
Step 4 – Work with an Estate Planning Attorney
While writing a will on the back of a napkin may be a creative starting point, it won’t be sufficient in capturing the nuances of your situation. This is when a qualified and experienced estate planning attorney can step in. Since the process involves complex legal considerations, minor oversights can lead to big problems like contested wills, misallocated assets, and unintentional tax consequences down the road.
An estate planning attorney, like Ariana Burris, can prevent these oversights from happening, tailor your plan to your unique goals, and comply with state laws. At Burris Law, we specialize in creating personalized estate plans that reflect each client’s values, family dynamics, and long-term objectives. We’ll answer every question you have to understand your specific needs and guide you through every step with clarity and compassion so that you can plan with confidence and peace of mind.
Estate Planning Is an Ongoing Process
Even after drafting your entire estate plan, remember that you’ll need to revisit it, especially after significant life changes like marriage, divorce, the birth of a child, a death in the family, or financial changes. During these times, your goals and wishes will likely change, and you’ll want your estate plan to reflect that.
Even if nothing significant has changed, still review your estate plan every three to five years. This consistency allows you to re-evaluate your assets and goals and adapt to any recent changes in the law.
How Burris Law Can Help
No matter who you are or what assets you have, you’ll find safety in an estate plan. It’s a practical, empowering process for anyone who wants to take control of their future. When you take the first step, Burris Law will be right there with you so that you won’t be alone. We’re here to help you build a plan that reflects your values, adapts with your life, and offers security for the people who matter most.
Don’t wait for a milestone or crisis — start your estate planning journey today. Your future self and family will thank you.
FAQs About Estate Planning
What Is the Difference Between a Will and a Trust?
A will is a legal document that outlines how your assets should be distributed after your death. It goes through the probate process, which can take time and become public record. A trust, on the other hand, is a legal arrangement that allows you to transfer assets to beneficiaries without going through probate. Trusts offer more privacy, control, and in many cases, tax benefits—especially for larger or more complex estates.
Do I Need an Estate Plan If I’m Not Wealthy?
Yes. Estate planning isn’t just for the wealthy—it’s for anyone who wants a say in how their property, children, or healthcare decisions are handled. Whether you own a home, have children, or simply want to avoid leaving a legal mess behind for loved ones, an estate plan can offer clarity and peace of mind.
How Often Should I Update My Estate Plan?
You should review and potentially update your estate plan every three to five years or whenever you experience a significant life change. This includes events such as marriage, divorce, the birth of a child, the death of a loved one, changes in financial status, or moving to a different state. Laws and personal priorities can shift over time, so regular updates ensure your plan stays effective.
What Happens If I Die Without a Will or Estate Plan?
If you die without an estate plan, a probate court will distribute your assets according to your state’s intestate succession laws. This means the court decides who gets what, regardless of your wishes. This process can be time-consuming, costly, and emotionally difficult for your family, and may result in outcomes you never intended.
Can I Create an Estate Plan on My Own?
While online tools and templates exist, they may not account for your unique family situation or state-specific legal requirements. Working with an experienced estate planning attorney, like those at Burris Law, ensures that your documents are legally valid, clearly written, and tailored to meet your goals.
Is Estate Planning the Same as Retirement Planning?
Not exactly. While both are part of a well-rounded financial strategy, retirement planning focuses on how you’ll manage income and expenses during your lifetime, while estate planning ensures that your assets are protected and distributed according to your wishes after death or if you become incapacitated.