Estate Planning

A last will and testament instructs how you want your property distributed upon your death — who gets the house, the accounts, the antiques, who takes care of the pets. Making sure your will is drafted correctly is what lets it stand up in probate and hold off challenges to its validity.

Why a Will Matters

Die without a will and you die "intestate" — the state decides who gets your property, usually immediate family in a fixed order, regardless of your actual relationships or wishes. It also means your estate is more likely to face a slower, more contestable path through succession.

Skip the DIY Will Template

Online will templates are one-size-fits-all, and small gaps in a self-drafted will are exactly what invite a challenge — or get it thrown out entirely. If you're set on trying it yourself, at minimum: clearly define who counts as "family," make specific bequests so there's no ambiguity about who gets what, and include a catch-all clause for anything you didn't specifically list. Better yet, have an attorney review it before you finalize anything.

Estate Administration

Estate administration is what happens after someone dies — settling debts, filing taxes, and distributing what's left. Whoever handles it (an executor named in the will, or a court-appointed administrator if there's no will) is called the personal representative.

Choosing an executor? Pick someone responsible, trustworthy, and eligible under state law (generally 18+, no disqualifying criminal history) — and name a backup in case your first choice can't serve. The most common problems in administration: a representative who doesn't fulfill their duties, family disputes over the will's validity, and outdated wills that no longer reflect reality. An estate administration attorney can help you head off all three.

Pour-Over Wills

If you've set up a living trust, a pour-over will is the safety net behind it: it automatically transfers ("pours over") any assets you still own at death — anything you hadn't gotten around to formally moving into the trust — into that trust, where your chosen trustee and beneficiaries take over.

It's useful for assets you acquire late, forget about, or intentionally keep out of the trust (vehicles are a common example, since some insurers balk at coverage for a vehicle titled to a trust). The tradeoff: assets already in the trust skip probate, but assets that only reach the trust via a pour-over will typically still have to go through it — and like any will, a pour-over will can be challenged. Most people are best served by transferring the bulk of their assets into the trust while alive and keeping the pour-over will as backup, not as the primary plan.

Estate Planning FAQ

What is estate planning?

Arranging how your assets will be managed and distributed after your death. Estate plans have a legal side (the documents) and a practical side (how those documents fit your broader financial and retirement picture) — a good estate planning attorney helps with both.

What might go into a full estate plan?

Depending on your situation: a will, a living trust, irrevocable trusts (life insurance, special needs, charitable), guardianship or conservatorship designations, asset protection planning, health care directives (medical power of attorney, living will), and a business succession plan.

What happens if I die without a will?

You die "intestate," and a court-supervised process called a succession distributes your property according to state law rather than your wishes — typically to immediate family in a fixed order.

Do I need a lawyer to write my will?

Not legally, but it's a real risk. Wills drafted without a lawyer — especially from online templates — are far more likely to be challenged, ruled invalid, or leave assets unaccounted for.

Do I need a will if I don't have children?

Yes. Without one, intestacy law decides who inherits — and if no eligible heirs exist, the state can end up with your property. A will also lets you provide for a partner, a charity, or the care of a pet, not just children.

Does my will update itself after a divorce or a new child?

No — never automatically after a divorce; you need to revise it. After a new child, it depends on the will's language (a general clause like "to my children" may cover them, a specific bequest to a named child won't). Revisit your will after either event.

What's the difference between a will and a living will?

A will takes effect at death and directs how your property is distributed. A living will takes effect while you're alive but incapacitated, and states your health care preferences.

What is a trust, and can I have both a will and a trust?

A trust sets aside assets for a trustee to manage for a beneficiary, and those assets skip probate. Yes, you can have both — many trusts are even created inside a will (a "testamentary trust"), while others are set up during your lifetime. Trusts aren't just for the wealthy, either; they're common whenever a beneficiary is a minor or otherwise shouldn't receive a lump sum directly.

How do I make sure my kids, a special needs dependent, or a pet are cared for after I die?

Name a guardian in your will — if you don't, the court will choose one for you. For a special needs dependent, pair a guardian with a dedicated trust so care continues without disqualifying them from benefits. For a pet, name a caretaker in the will and consider a small trust to cover costs.

How much does an estate planning attorney cost?

It depends on the complexity of your estate and how the attorney bills — flat fee (most common) or hourly. Flat fees are predictable but may cover less; hourly can add up fast on a complex plan. Confirm exactly what's included before you sign on. Costs commonly range from a few hundred to a few thousand dollars depending on scope.

When do I need a power of attorney?

When you want someone empowered to make financial or medical decisions if you become incapacitated. Common types include durable, medical, general, limited/special, and springing power of attorney — each triggers or applies differently.

Business Succession

Succession planning is the part of estate planning business owners skip most — and it's often the costliest gap. Without a plan for what happens when you exit, retire, or pass away, the business itself is exposed.

Long-Term vs. Emergency Plans

A long-term plan prepares for a planned exit — retirement, a sale — and gives you time to identify and train a successor. An emergency plan covers a sudden loss, like an unexpected death, with interim measures (like naming an acting successor) to keep the business running while a longer-term plan gets sorted out. Most businesses need both.

Choosing a Successor

Your options are usually a family member, an employee, or a third-party sale — and the right choice depends on your business structure, your family dynamics, and who's actually prepared (or trainable) to take over. Family succession adds its own complications: an unready heir, conflicting visions among family members, and tax consequences from transferring ownership within the family. Get advice on this early — succession planning takes longer than most owners expect.

What It Takes to Put in Writing

A succession plan usually means updating your governing documents (partnership or operating agreement, articles of incorporation) and may involve drafting new ones: business valuations, entity purchase or buy/sell agreements (so surviving partners or an insurance payout can buy out a departing owner's share), an employee stock ownership plan, or a management buyout plan. Beyond the paperwork, a solid plan also nails down your financial picture, the ownership transition timeline, who the successor actually is, and — for family businesses — how governance works going forward.