Estate planning is the ultimate important but (seemingly) not urgent task. You’re not even going to be there when it becomes an urgent problem, so it’s very easy to put it off for another day, or month, or year, or decade.
It doesn’t help that most estate planning guides feel like the world’s most depressing to-do list—a to-do list with dire consequences if you get anything wrong.
Instead of pressuring yourself to find the best option, which often leads to analysis paralysis, just make sure you do the following things. Your heirs will thank you.
Step 1: Make a will
A whopping 68% of Americans currently have no will in place, according to a 2024 Caring.com survey. In other words, for the majority of Americans, the state of residence gets to decide the following:
- What happens to the deceased’s property. Generally this means property passes to a surviving spouse and children or other next of kin. The state will not leave anything to your friends who are found family, stepchildren or other family by marriage, godchildren, or your favorite charities.
- Who becomes guardian of the deceased’s minor children. If the deceased is the sole parent, the state has to make its best guess as to who would be the right guardian for the kids. This could mean your estranged sister could be responsible for raising your children, rather than the loving family friend who would be a better surrogate.
- Who will supervise the settlement of your estate. The state will appoint someone for this role who will be paid out of the proceeds of your estate.
What’s the least you need to do?
Take the time to write a will, even if you have to go through an online will template instead of consulting an estate attorney. The reputable online will services walk you through the process of writing your will and give you instructions on how to get your will witnessed and notarized.
Even if you have a more complex family situation or large estate, having a will created through a basic online template is better than having no will at all. (Just remember to double check that the online service is reputable and licensed in your state.)
Step 2: Think about how your plan could go wrong
Having a will (or even a complete estate plan) in place may seem like all you need to ensure your heirs receive what you want to leave them. But there are a number of ways that bad-faith actors—from manipulative family members to unscrupulous trustees—can get around your estate plan.
