Estate Planning

A basic plan has four documents: a will naming beneficiaries and a guardian for minor children, a durable power of attorney for finances, a healthcare power of attorney, and a living will or advance directive. Many people add a revocable living trust to keep assets out of probate and to manage them privately. Beneficiary designations on retirement accounts, life insurance and bank accounts pass outside the will entirely, so keeping them current is part of the plan. Estate taxes affect few families, but state rules on witnesses, spousal rights and probate vary widely.

Simple wills can be prepared with online forms, and they are valid if your state's signing and witness rules are followed exactly. A lawyer adds the most value when you own a business or property in more than one state, have children from different relationships, want to provide for a family member with special needs, or expect to leave enough to face estate tax.

Estate planning attorneys often charge a flat fee for a package of documents. Ask what is included, whether the fee covers funding a trust — retitling assets into it, which is where many plans fail — and how updates are priced after a marriage, divorce, birth or move.