Getting Started with Estate Planning

Last updated 8/1/2026

Why estate planning matters

Estate planning isn’t just for people with large fortunes. If you own a home, have savings, or have children, a basic plan makes sure your wishes are followed and spares your family unnecessary stress and expense.

The core documents

Most estate plans start with a small set of documents:

• Last will and testament — directs how your property is distributed and names a guardian for minor children.
• Durable power of attorney — lets someone you trust manage your finances if you can’t.
• Healthcare directive — spells out your medical wishes and names a decision-maker.
• Beneficiary designations — the named beneficiaries on retirement accounts and life insurance policies override what your will says, so they need to match your plan.

Where to start

If you only have time for one thing this month, review your beneficiary designations. They’re the most commonly forgotten piece, and the most consequential to get wrong.

Next steps

Once the basics are in place, revisit your plan after major life events: marriage, divorce, a new child, or moving to a new state.