No matter what age you are, estate planning is an important preparatory tool that can bring you and your loved ones peace of mind during difficult moments. A comprehensive estate plan can include:

• A Will: This legal document coordinates your asset distribution after your death. It can also appoint guardians for any minor children, as well as name an estate executor who ensures that the terms of the will are carried out.
• Trusts: A trust can help manage assets both during your lifetime and after your death by allowing a third party, or trustee, to hold assets and specify exactly how and when these assets are distributed to the beneficiaries. Trusts often offer tax advantages and may offer more privacy about your assets.
• Power of Attorney: A Power of Attorney grants someone the authority to handle your financial or legal matters if you become unable to do so. It can be very broad and general, or very specific to only apply in certain situations.
• Advance Healthcare Directive: Also known as a living will, this document outlines your medical and end-of-life care preferences.

If reviewing this list seems intimidating, take a deep breath and remember that estate planning doesn't need to happen all at once. Break it into smaller tasks so you're not overwhelmed. Some early preparation will include such things as:

• Taking an inventory of your assets, including property, investments, savings, and personal possessions.
• Decide how you want your assets distributed, who will care for your dependents, and how you’d like to handle medical or end-of-life situations.
• Choose your team such as your executor, and those you trust with your medical and other critical decisions.

Having these conversations with your family or others who will be impacted can make the process collaborative and prevent any unnecessary and emotional surprises.

Do You Need Estate Planning?

The short answer is yes, most people do. Estate planning is not just for the wealthy; it’s for anyone who wants to ensure their wishes are honored. An experienced attorney can help guide you in the necessary steps, ensure that your documents comply with the laws in your state, and customize a plan to fit your specific needs. Resources for will and estate planning document creation are available through the Employee Assistance Program.

Finally, be sure to update your estate plan regularly, particularly after life changes such as marriage, divorce, or a birth or adoption.

Remember, estate planning is less about wealth and more about safeguarding and protecting what and who matter most.