Estate Planning Essentials

The five documents every adult needs — will, financial POA, medical POA, beneficiary designations, and a digital legacy plan — plus how to store them.

Will

• Hire an estate planning attorney for anything beyond a simple single-person estate — flat fees typically run $500–$1,500 and are worth it
• For a basic will, use Trust & Will (trustandwill.com) or LegalZoom — state-specific templates reviewed by attorneys
• Name an executor — someone organized and trustworthy who lives relatively close to where your assets are
• Name a guardian for minor children in the will — courts will honor your stated preference
• List every significant asset with location: real estate, bank accounts, investment accounts, vehicles, and business interests

Power of Attorney — Financial

• Create a durable financial POA naming someone to manage your finances if you become incapacitated — 'durable' means it survives incapacity
• Specify the scope: general (all financial decisions) or limited (specific accounts or transactions)
• Have the financial POA notarized — most financial institutions require notarization to honor it

Power of Attorney — Medical

• Create a healthcare proxy (medical POA) naming someone to make medical decisions if you cannot
• Write an Advance Directive (living will) specifying your preferences for life support, CPR, and feeding tubes
• Share the advance directive with your healthcare proxy and your primary care physician — it does no good locked in a drawer

Beneficiary Designations

• Update beneficiaries on all life insurance policies — these supersede your will and cannot be overridden by it
• Update beneficiaries on all retirement accounts (401k, IRA, Roth IRA) — log in to each provider and review
• Add a TOD (Transfer on Death) designation to taxable brokerage accounts — keeps them out of probate
• Add a POD (Payable on Death) designation to bank accounts — most banks allow this for free online

Digital Legacy

• Create an Apple Digital Legacy contact or Google Inactive Account Manager entry naming who can access your accounts after death
• Leave instructions for your password manager — the master password or emergency kit so your executor can access critical accounts
• List all accounts that would need to be closed or notified: email, social media, streaming services, and financial platforms

Storage & Access

• Store signed originals in a fireproof safe at home and leave a copy with your attorney
• Tell your executor and healthcare proxy exactly where the documents are — documents no one can find are useless
• Review all estate documents after every major life event: marriage, divorce, birth of a child, death of a named person, or major asset acquisition