Estate planning isn't just for the wealthy — everyone needs a few core documents to protect their family and avoid probate headaches. This guide walks through the six essentials and the 2025 tax rules in plain language.
At minimum: a will, a durable power of attorney, a healthcare power of attorney with an advance directive, and up-to-date beneficiary designations. A revocable living trust is worth considering to avoid probate. This guide explains each.
Yes — accounts with named beneficiaries (retirement accounts, life insurance, TOD/POD accounts) pass directly to those people regardless of what your will says. Keeping them current is one of the most important and overlooked steps.
Most aren't. The 2025 federal exemption is around $13.99 million per person. But several states have their own, much lower estate or inheritance taxes — this guide covers those too.