Plan Ahead

A 2025 survey found that only 31% of Americans have a legal will and 55% of Americans have no estate plan at all. These figures tell us that most American families are unprotected and unprepared regarding legal matters should an unexpected death occur in the family.

You may be asking, “But what is an estate plan?” An estate plan refers to many documents, including but not limited to a legal will, a living will, a financial or healthcare power of attorney, and a trust. A combination of these documents will make up a person’s estate plan.

So, why aren’t Americans completing an estate plan? Let’s talk through 6 misconceptions around estate planning that lead many families to de-prioritize the planning process and create unintentional confusion and headaches for surviving family members.

Reason #1: “An estate plan is only for senior adults”

In many ways, estate planning has become associated with advanced age. Because senior adults (65+) have lived longer, worked longer, and often accumulated more wealth, the general thought is that they are more likely to need an estate plan.

However, a 20-something who’s just starting out has just as much need for estate planning documents as an 80-year-old at an assisted living facility. Why? Because both people have assets, possessions, and online accounts tied to their names.

Without a clear estate plan, both the family of the 20-year-old and the 80-year-old will have difficulty untangling an estate. In some ways, the 20-year-old’s estate may be harder. After all, the 80-year-old may have verbally conveyed some wishes while the 20-year-old probably never considered it. So, regardless of age, it’s always a good idea to have a plan for your estate.

Reason #2: “An estate plan is only for the wealthy”

Next, you may think that estate planning is only for the wealthy. While the wealthy do have more assets and properties to distribute, estate planning is not dependent on having a specific amount of wealth. In many ways, estate planning is about more than money.

It’s about the family heirlooms, the sock drawer money, the paid-off car, and the house you’ve lived in for years. Whether you have $100 to your name or $1 million, your family needs direction and guidance to understand your wishes and ensure that the right people inherit and receive what you want them to receive.

Reason #3: “Estate planning will be too expensive”

The cost of estate planning ultimately rests in your hands. While there are expensive options out there, you can choose an estate planning route that comes with minimal cost.

For those who have a complicated estate, it may be worthwhile to get in contact with an estate planning attorney who can help you walk through all the details. However, for those with uncomplicated, straightforward estates, you can complete basic estate planning documents for a nominal fee.

And if you prefer to work directly with an estate planning attorney no matter what, you can call around until you find a firm or attorney that fits into your budget and meets your needs.

Reason #4: “I have plenty of time”

Most of us don’t spend much time actively thinking about our mortality. It’s something we tend to avoid thinking about, which is why so many people assume they have plenty of time to complete an estate plan.

But the fact is that none of us know the length of our days. More than likely, all of us can name someone who died much too early or quite unexpectedly. Rather than leave things to chance, take charge and make decisions today.

By outlining your estate planning wishes now, not only will you have peace of mind that everyone you love is taken care of, but the people you love can experience incredible assurance that you’ve considered everything and made plans for the future.

Reason #5: “I don’t need an estate plan”

For some, you may think you don’t need an estate plan. Maybe you live paycheck to paycheck or you’ve never been able to buy a home or invest in anything. You’re not alone! According to a report put out by PNC Bank, around 67% of workers are living paycheck to paycheck.

While your financial situation may make it seem like you don’t need an estate plan, that’s not the case. Even if your financial assets are minimal, there are still many end-of-life concerns that need your input.

Let’s discuss a few examples. A legal will allows you to designate a guardian for any minor children or pets. A living will encourages you to outline your wishes regarding life-saving medical care. A power of attorney gives your chosen representative the ability to make decisions if you become incapacitated, including paying your bills, making medical decisions, and accessing your online accounts.

Whether you have monetary assets or not, you do have many reasons to complete an estate plan and ensure your wishes are known.

Reason #6: “I’ve never thought about it”

And lastly, it could be that you just haven’t thought about estate planning at all. It could be because you don’t feel you qualify, but it could also simply be not knowing. In life, we don’t know what we don’t know.

So, consider this your public service announcement: An estate plan matters, and by putting one together (no matter your financial situation), you will make closing your estate and distributing your assets and heirlooms much easier on your family during a time of grief.

So, What’s Next?

Now that you understand why estate planning matters and that it applies to you, how do you get started?

1. Download our free estate planning checklist (download here)
2. Make an appointment with an estate planning attorney
3. Look into community and online resources

Further reading on estate planning

• The 5 Most Important Estate Planning Documents
• Estate Planning for the Blended Family
• How to Make Digital Estate Planning Simple
• 7 Questions to Ask When Estate Planning with Dependent Children
• What is a Healthcare Power of Attorney?
• Understanding the Living Will & Why It Matters
• 4 Reasons Why You Should Update Your Will

DISCLAIMER: Individual circumstances and state laws vary, so only undertake estate planning with the help and assistance of an attorney licensed in your state.

Far too often, estate planning stays at the bottom of the to-do pile, and because of that, surviving family members are left with an estate to untangle and questions to answer. For some families, the lack of an estate plan can lead to years of court appearances and loss of money. But it doesn’t have to be that way. Today, let’s talk about 11 reasons why estate planning is useful and why you shouldn’t put it off.

11 Reasons Why You Should Start Estate Planning Now

First, let’s define “estate plan.” An estate plan is the process of anticipating and managing financial, medical, and guardianship issues that will arise after your death or if you become incapacitated. Think of estate planning as a road map for your family, giving them a clear vision of how to care for your health, possessions, assets, children, pets, and more.

The most common estate planning documents to consider are the financial power of attorney, medical power of attorney, living will, legal will, revocable living trust, and funeral plan.

Not every reason on this list will apply to you, but if even one reason connects to your life, then it may be time to put together an estate plan.

1. Protect Your Minor Children

If you have children under 18, an estate plan can be essential for their care if something should happen to you. By completing certain documents, you can designate a guardian and set aside an inheritance for your children’s future. Without a plan in place, children may go through foster care or experience a period of instability on the way to a permanent home. By completing a few documents, especially a legal will, you can provide for your children if anything unexpected occurs.

2. Outline Future Care for Pets

Pets are family members, too, and to guarantee their well-being after your passing, you can include them in your legal documents. When a pet’s care is left unaddressed, it’s possible that they may be dropped off at a shelter or humane society rather than taken in by a loving family. To protect your pet’s future, consider taking steps to ensure that they go to a happy and healthy home should anything happen to you. To learn more, read Protect Your Pet: 4 Steps to Create an Estate Plan for Your Pet.

3. Minimize or Prevent Family Disagreements

All of us know that money can make people a little bit crazy. Sometimes it’s easy to tell who will cause problems, and other times, it’s not. By putting together an estate plan, you can significantly minimize or completely prevent any squabbles amongst your surviving loved ones. An estate plan will clearly outline your wishes regarding who gets what, when they get it, who’s in charge, and more. And because the documents are legally binding, any difficult people will have to go along with it.

4. Specify How Your Assets Should Be Distributed

You might say, “I don’t have a lot of money. Why do I need a will?” The word “assets” refers to much more than just money. It’s your car, your house, your accounts, and your cherished heirlooms, to name a few. All of these items belong to you, and you should be the one deciding what happens to them after you’re gone. If you don’t have an estate plan, it’s often up to state law to determine what happens, and your family may or may not benefit. By completing a few documents now, you can ensure everything goes to the right people.

5. Avoid Probate Court and Preserve Privacy

For some families, a revocable trust may be an excellent option because it allows you to skip the costly and time-consuming probate court process. At probate court, the legal will is authenticated, and a plan is set to pay bills and taxes before distributing to the rightful heirs. Depending on your state, it can be a complicated process, especially if someone decides to oppose the will. However, with a trust, you can completely avoid probate court and appoint your own executor, who will take care of everything privately and out of the public eye.

6. Choose a Trusted Estate Executor

An executor is the person who carries out the desires and directives you’ve written in a legal will. You can designate someone you trust as executor, but if you don’t have a legal will, everything will fall to the state. The state-appointed executor will then decide what to do with your assets and property. While they will follow state law, the end results may not benefit your family. However, by completing an estate plan and choosing an executor, you can avoid this unnecessary complication.

7. Manage or Minimize Estate Tax Issues

Another reason to set up an estate plan is to manage or minimize taxes associated with state/federal estate tax laws or inheritance laws. Without a plan, these taxes could significantly affect what’s left for your heirs. However, you can reduce the tax on your overall estate when your estate plan is properly structured. It’s best to speak with an estate planning attorney to discuss the right options for your particular estate. With their help, you may be able to legally avoid expensive taxes that can negatively impact your estate.

8. Document your Medical Care Wishes

Not to be confused with a legal will, the living will is a document that outlines your medical care wishes should you become incapacitated. In this document, you provide guidance on which medical procedures you are okay with and which you aren’t. For example, some people may include DNR (do not resuscitate) orders in their living will. The biggest benefit to completing a living will is that you provide family members and doctors with a comprehensive understanding of your wishes so they can make decisions appropriately.

9. Avoid a Guardianship Appointment

A power of attorney (POA) allows a designated representative to legally act on your behalf. This means that they can make financial or medical decisions, pay bills, and sell property, to name a few. However, if you become incapacitated and don’t have a POA, it’s possible that no one (including your spouse) will be able to act for you. In this event, the court must appoint a guardian for you, which can be an expensive and lengthy process. However, with a POA in place, your loved ones can make decisions on your behalf with ease.

10. Arrange for Charitable Gifts

If you’d like to support an organization or charity by leaving a charitable gift (or bequest), then you’ll want to use your estate plan to set everything up. There are ways to designate certain finances to go to a specific organization, and when properly structured, you can do so without losing much to taxes. If you plan to give a large amount or would like to create a new scholarship fund at an institution, reach out to the organization itself first. Their knowledgeable staff will help you navigate all the steps.

11. Give Everyone Peace of Mind

And last but certainly not least, completing an estate plan will give you – and your survivors – peace of mind. Creating an estate plan takes time and can be a bit stressful. Imagine having to do everything after a loved one has already passed away and can no longer answer questions or give opinions. It’s one more stress added to an already difficult time of loss. Instead, by putting in the work now, you can give everyone peace of mind and remove a future burden from your loved ones’ shoulders.

Why Is It Important to Plan Now?

In short, the most compelling reason why you should start putting your estate plan together now is that none of us know the length of our days. For many of us, it will be decades before there’s even a hint of a health problem. But for some, an accident or a diagnosis can come without warning and much too early.

Because the future is unknown, take the time now to protect your children, your pets, and your assets. Without your forethought, there’s no telling what may happen after you’re gone. It’s never too early to put together an estate plan, but it can be too late.

To begin preparing a comprehensive estate plan, make an appointment with a local estate planning attorney or look online for resources in your area. While it will take time to put everything together, your family will be so grateful in the end.

Additional Estate Planning Resources

• How to Make an Estate Planning Checklist
• 7 Questions to Ask When Estate Planning with Dependent Children
• The 5 Most Important Estate Planning Documents
• How to Make Digital Estate Planning Simple
• What is Advance Funeral Planning?

DISCLAIMER: Individual circumstances and state laws vary, so any estate planning should only be undertaken with the help and assistance of an attorney licensed in your state. 

When planning ahead for the future (even the far future), it’s important to make sure you cover all the bases. That means making decisions about your physical estate, digital estate, funeral plans, and medical care preferences. Today, we’ll discuss the living will and how it helps your family understand your treatment preferences in a medical emergency or life-threatening situation.

What is a Living Will?

First, let’s define the term “living will.” Sometimes confused with the “last will and testament,” the living will has a separate purpose: to communicate your preferences regarding life-prolonging medical treatment. Essentially, the living will spells out the medical treatments you would or would not want used to keep you alive. It provides direction on life-prolonging procedures, treatment for terminal conditions, and vegetative state conditions.

For example, if a person has no brain function after a serious car accident, they might not want to be kept alive with a ventilator. The living will is the document where that person would indicate they do not want a ventilator used to prolong their life under these circumstances.

You can create a living will at any age. And the living will only comes into play if you are in a life-threatening situation and are incapacitated and unable to make decisions for yourself. If you are awake and coherent, the doctors will ask you directly about your care and not consult the living will.

Why Would I Create a Living Will?

In cases where a person is unconscious or incapacitated (coma, dementia, brain damage) and is suffering from a terminal illness or life-threatening injury, doctors consult the living will. However, if there’s no living will available, all medical care questions are posed to the spouse, family members, or designated healthcare proxy.

The main reasons to have a living will are four-fold:

1. Make your medical preferences known to your family, loved ones, and doctors
2. Relieve your family from having to make difficult medical decisions on your behalf
3. Reduce confusion or disagreements regarding your medical care
4. Protect your loved ones from the emotional toll of taking on the responsibility of deciding your life or death

By creating a living will, you decide what’s best for you. In a sense, even in a dire situation, you can still control what happens to you.

What Medical Decisions Should I Address in the Living Will?

You can address whatever medications or treatments you want in the living will, but here are some things you should consider mentioning:

• CPR (cardiopulmonary resuscitation)
• Mechanical ventilation
• Tube feeding
• Dialysis
• Antibiotics or antiviral medications
• Palliative care or pain management
• Hospice care
• Organ and tissue donation
• Donation of body to science
• Surgical interventions
• Pacemaker or ICDs
• Brain damage

As you consider your options, remember that you are only recording your wishes for emergency medical situations where you are incapacitated or unable to make decisions yourself.

If you aren’t sure what the pros and cons are of each type of treatment, schedule time with your primary care physician to discuss the implications of each. Also, try not to make decisions without input from others. Include your spouse, partner, or close family members in the discussion.

How Do I Write a Living Will?

Many states provide a template you can use to record your medical care preferences, but if that isn’t an option, contact an estate planning attorney. They will be familiar with your state’s specific laws and can ensure all your bases are covered.

However, here are a few things to keep in mind as you consider writing a living will:

• Think about your personal values. Would you want treatment only if a cure were possible? Do you want medical professionals to do everything they can to save your life?
• Consider your family’s wishes about each type of medical treatment.
• Take your religious beliefs into account. For some people, religious tenets may dictate the types of care they choose to receive.
• Many states require you to sign the living will before witnesses or a notary. Talk with an estate planning attorney or familiarize yourself with your state’s requirements.
• List your healthcare proxy’s name and contact information if you have one. This person makes medical decisions on your behalf, using your living will as a guide. Click here to learn more about how to set up a healthcare proxy.
• Your living will must be in writing to be legally valid.
• If you choose to use a living will template, make sure to download the one intended for your state.

As you consider what to include in your living will, remember that you won’t think of every possible medical emergency. Instead of trying to plan for every scenario, address what you can and trust your healthcare proxy or your family’s judgment regarding any unexpected scenarios.

What Do I Do with My Living Will Once It’s Complete?

Once your living will is signed and witnessed, it’s time to distribute it to all the pertinent people. You will want to:

• Keep the original in a safe but easily accessible place.
• Give a copy to your primary care physician.
• Give a copy to your healthcare proxy if you have one.
• Discuss your medical decisions with family if you haven’t already.
• Consider carrying a wallet-sized card that indicates you have a living will and identifying your healthcare proxy by name and contact information.
• Keep a copy with you when you are traveling.

How Long Does a Living Will Last?

It lasts until you cancel it. To cancel it, all you need to do is destroy all current copies. Make sure that any copies you gave to family members, doctors, or anyone else are destroyed and replaced.

Can I Change or Revoke My Living Will?

Absolutely! Once a living will is signed, it goes into effect. However, if you want to make changes or revoke it, destroy all copies of the old living will and replace them with your new, updated documentation.

It’s always a good idea to review your living will occasionally, especially if something in your life has changed. For example, have you received a new diagnosis? That might affect how you feel about certain medical treatments. Have you married or divorced? You might want to update your healthcare proxy.

A good rule of thumb is to review your living will every ten years or so. Not only might your personal circumstances have changed, but your stance on certain medical treatments may have altered.

Can My Living Will be Broken or Ignored?

Yes, it can. If you designate a healthcare proxy, that person has the authority to make medical decisions on your behalf and can go against your wishes. This is why choosing someone you trust as your healthcare proxy is important.

Also, your living will can be ignored if it is deemed invalid. For example, if you didn’t get the proper signatures or any previous living wills weren’t destroyed, your current directives may not be followed.

However, if you follow your state’s laws and choose a healthcare proxy you can trust, you should have no problems.

If I Move to Another State, Should I Update My Living Will?

The short answer – maybe. If you decide to move to another state, it would be best to consult an attorney on whether you need to create a new living will. And if you split your time between two homes in different states, ask your attorney if it would be best to have a living will in each state. They can advise you on the best way forward.

Do I Need a Doctor or a Lawyer to Review My Living Will?

Legally, you do not have to get input from a doctor or a lawyer, but it would be a good idea to do so if possible. They can offer insight from their respective fields and ensure everything is done well and correctly. All decisions are entirely in your hands, so if you disagree with your doctor, that’s fine. But sometimes, you don’t know what you don’t know, and it’s helpful to have an expert by your side.

If you have additional questions about the living will and its purpose in protecting your family and communicating your medical preferences in emergencies or life-threatening situations, contact a local estate planning attorney. They are the best source for accurate information on how to proceed with creating a living will.

DISCLAIMER: Individual circumstances and state laws vary, so only undertake estate planning with the help and assistance of an attorney licensed in your state.