To make this safeguard official, name guardians through your Will (or in certain states, a separate Nomination of Guardianship). Your designations will have a lot of weight with the judge who would ultimately decide which guardian would be in the best interest of your children. This is especially important if you suspect that your loved ones might disagree over who should become guardian of your children. Asking the person you choose for this role to be a guardian will not alone show the court your intentions.

You can also make your wishes known through a Nomination of Guardianship, which is a simple document that is separate from your Will and acts as a letter to the judge. However, in most states, the judge may give greater weight to your choice if it is included in your Will because you might have signed your Will before two witnesses and/or a notary.

Picking the right person to be your children’s guardian may be hard. You obviously want someone who knows and loves your children, and most people pick someone within the family. But you also may want someone who lives in the same geographical area, so your children’s lives will not be completely uprooted. Or you might prioritize someone who shares your values or who practices the same religion as you. You also want to consider lifestyle and age. Your brother might be your best friend, but if he’s single and travels extensively, is full-time parenting the right fit for him? Same for your own parents, who might not be able to provide the kind of care your child needs as they age.


You also can name backup guardians in case the person you choose as the primary guardian is unable to take on that role.

Whomever you choose, you should talk through the decision with your children’s other parent and with the potential guardians. Be open to the possibility that the other parent may have different wishes and that  someone you trust so much may not feel up for the responsibility.

Families and plans change over the years. The best friends you named as guardians when your first child was born may no longer be as close to you, may have moved away or gotten divorced. You may now have four kids instead of one, so it would be overwhelming for the guardians to take care of all of them in addition to their own children. Just as with all parts of your estate plan, you should regularly re-evaluate and updated your guardianship nominations. To name new guardians for your children, update your Will or Nomination of Guardianship in accordance with your state’s estate planning laws. Finally, make sure you coordinate your nominations with your children’s other parent to avoid confusion and conflict.

Guardianship Explained

TL/DR: The answer to when you should start estate planning is now, even if it’s just making a plan to make your plan. You do not have to have every detail figured out before you start; pausing and reflecting are expected parts of the process. Just be prepared to put some thought behind questions you've never had to think about before about your relationships, your legacy, and your values. The reasons for having an estate plan differs for everyone, but what doesn’t differ is the benefits that come from making a plan sooner rather than later.

This article dives further into the specifics of when you should start estate planning.

Are you someone who panic-cleans before guests come over or only flosses the few weeks before a dentist appointment? Sometimes trigger events like these can provide an incentive for us to kick good habits into gear.

Many people similarly put off estate planning until they experience a trigger event, such as a death in the family, the birth of a child, or experiencing the pain of probate when a family member passes away.

Writing a Will or completing the other important steps in estate planning isn’t at the top of many people’s to-do lists. The process is unfamiliar, seemingly complicated and expensive, and, let’s face it, forces you to think about your own demise. Not a fun weekend activity. We get it.

But there’s no time like the present to prepare for what will ultimately be the future. 

“If you wait to create an estate plan and the unexpected happens, you’ll be leaving your loved ones in the lurch,”

 says Anne Rhodes, head of legal at Wealth. 

“You have the luxury of time right now to be thoughtful about what you would want to happen to your financial affairs and your health care, and to discuss these topics with your loved ones. By the time your loved ones are being asked by a judge or a doctor what you would have wanted done, it is too late.  Plus, your loved ones are probably upset and tensions may be running high. Having an estate plan minimizes the confusion, anxiety, and agony that can result from making the types of decisions about assets and medical treatments that sometimes tear families apart.”

If you’re reading this and you don’t have an estate plan, the answer is: Now. As soon as you become a legal adult at age 18 (and in some states, even younger!), you are able to make an estate plan. Once you start owning things – a savings or investment account, 401(k), life insurance, or real estate – you need to make decisions about who will receive those things when you die. Equally important, you need a health care power of attorney and a financial power of attorney in place so someone can make decisions on your behalf if you become incapacitated.

Once you reach other milestones—moving to a different state, getting married or divorced, having kids, retiring—you’ll need to update your estate plan to reflect those changes.

An estate plan is about so much more than deciding who gets your stuff. “It’s about giving peace of mind and certainty to your loved ones on questions that might become contentious or agonizing for them, including who gets to speak for you, who gets to pick through your jewelry box, and withdrawing life support,” Rhodes says. 

Think broadly of what encompasses an estate plan. This includes not only signing a Will and an advance health care directive, but also leaving your executor with a roadmap to find and access your assets; getting life insurance if you are the primary breadwinner and you have dependents; and writing down your wishes on end-of-life support and organ donation. Without an estate plan, you are leaving your loved ones to fend for themselves and to make the difficult decisions while guessing at what you might have wanted for yourself.

Without a will or trust, even simple estates will probably need to go through probate, delaying the dispersing of your money and property and potentially splitting up your estate in a way you wouldn’t have wanted.

If your family situation is more complicated—you have a significant other you’re not married to, you have a blended family, or you own a business—be more complicated, more expensive, and take even longer. Your loved ones might be waiting a long time before they receive anything from your estate.

One of the other important reasons to make an estate plan, of course, is to name guardians for your children. If you and the other parent were to both be incapacitated before your child turns 18, naming a guardian in your Will is the only way to make sure you have a say in who will care for your child.

Spelling out how you want your estate dispersed also can preempt family squabbles about who gets how much.


So, what are you waiting for? You can start estate planning today by following this 

The Best Time to Start Estate Planning Is Now

 Estate planning isn’t as complex as it may seem and you don’t need a legal degree to create one. In short, estate planning is simply recording your wishes for what happens if you’re unable to manage your own affairs. This quick and comprehensive overview will give you a working understanding of the estate planning basics.

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No one likes to think about death, especially their own. But think about this: What will happen to your stuff—money, family heirlooms, even a pet—if something happens to you? If you haven’t created a document that tells your loved ones who should get what, and who should sign off on those decisions and do all the paperwork, your loved ones will have to decide for (and potentially argue among) themselves. You can provide for your family’s needs, ensure your wishes are honored, and save your loved ones a lot of anguish during an already stressful time by creating an estate plan.

Although estate planning is essential for ensuring your money and property are distributed in exactly the way you want, 

only one-third of adults in the U.S. have a Will

. That overall number has fallen steadily over the past five years, but the COVID-19 pandemic did inspire those ages 18 to 34 to write a Will—63% more people in that age group created a Will in 2021 than in 2020.

So why don’t more people do it? The five main reasons are:

Unfortunately, these misconceptions are preventing people from putting even a basic plan in place. People perceive estate planning to be complicated, scary, or simply not relevant to them. The reality is, you don’t have to be a millionaire or own multiple homes to benefit from an estate plan.

You worry that your pet(s) could be given to a shelter

You want to make a final gift to a grandchild, niece, or nephew, or a friend or charity at your death

You have specific wishes about your health care and end-of-life care

You feel strongly about who should manage your affairs if you were unable to do so yourself

You really want your children to end up with your assets, if there is anything left after your spouse passes away

Some of your family members don’t get along and might disagree about who gets what or who should manage your affairs

You do not want a certain family member to receive your assets, to make health care decisions for you, or to manage your affairs

You own a significant amount of cryptocurrency

Do any of these sound like you? Because most everyone can benefit from the peace of mind an estate plan brings, we want to demystify the process so everyone—yes, even those without a law degree—can see that it’s simpler and more accessible than they think. And, hopefully, the information in this guide will equip you with enough information to quit putting off this important task.

At its most basic level, estate planning is making preparations for when you’re no longer able to make decisions for yourself. It requires creating and signing a few legal documents; but more importantly, it requires thoughtful decisions so that the money and possessions you have earned and accumulated can be passed down to your family or whomever you choose.

 you’ll put in place as part of a basic estate plan. The legal documents are:

you die, expresses your wishes for how to divide up your property and possessions and names the people you prefer to manage your financial affairs (the “executor”) and take care for your children who are minors or have special needs (the “guardian”). A revocable trust can offer some advantages over a Will (more on Trusts vs. Wills here). However, you can only designate an executor or a guardian through a Will, not a Trust. For this reason, you still need a short Will (called a “pourover Will”), even if the centerpiece of your estate plan is a Trust.

 Think of this document as a permission slip that gives the person you name (the “agent”) the ability to conduct financial transactions, sign documents, and make other legal decisions as if they were you. In most states, you can choose if your agent has this permission immediately after you sign or only once you are incapacitated. This document terminates at your death.

 This document empowers the person you name to make decisions about your medical treatment, symptom management, and end-of-life care. Depending on your home state, this document may go by a variety of different names, including a health care power of attorney or proxy. The document usually includes or is paired with a living will, which are your written instructions for health care providers about the type of life-prolonging medical care you want to receive if you are unable to make decisions for yourself.

A Trust is created by a contract or agreement and acts like a bucket of “stuff.” The Trust agreement is the set of rules that the creator of the Trust puts in place for the trustee who oversees the Trust. The rules include what powers the trustee has over the Trust, to whom and under what circumstances the trustee can give assets out of the Trust. After you create a trust, you can transfer your assets into the trust right away, before you die. There are many types of Trusts that accomplish different goals. If you create a Trust as the centerpiece of your estate plan instead of a Will (more on Trusts vs. Wills here), you will set up a type of Trust called a “revocable Trust” or “living Trust.” You will be the trustee of your revocable Trust in the beginning. You can also designate the person who will step in for you as trustee so that when you are unable to manage your own affairs eventually, that successor trustee can distribute your stuff according to your instructions. Unlike a Will, a Trust is active the day it is created, which means that your successor trustee can also help you manage the stuff inside of your Trust in case you are incapacitated.

Revocable or living Trusts can be altered at any time by the creator of the Trust (you). These Trusts are often used as a substitute for a Will in estate planning.

Irrevocable Trusts are difficult and expensive to alter once created. They can be used to achieve many types of goals, including minimizing taxes protecting assets from creditors, naming an adult to manage property for children before they reach a certain age, and ensuring that assets stay within the same family. In your Will or your revocable Trust, you can instruct your executor or trustee to create an irrevocable Trust to take advantage of the benefits of irrevocable trusts.

 an estate plan. That is, unless you want to avoid confusion, chaos, hurt feelings, family drama, and delayed distribution due to probate. So, maybe you 

An estate plan lets you give the gift of clarity to your loved ones—and does all the legal heavy lifting so they don’t have to. When you spell out your wishes in the legal documents listed above, there’s less second-guessing about your intentions for how your stuff should be distributed.

The opposite is true if you die without a Will or Trust in place. Legally, you are dying 

and your home state’s succession laws will determine how your assets will be distributed and to whom. These

succession laws differ from state to state, but were likely drafted a long time ago, based on the most common wishes of a typical, American nuclear family, and likely do not reflect the complexities of your family and cultural heritage.

By not creating an estate plan, you are just letting the state legislature from decades ago take a guess as to what your wishes are. This is especially true if you’re single and don’t have dependents.

You may own assets that will not pass through your estate, either because of the title on the asset or because you designated a beneficiary. For example, jointly owned property–real estate, a car, or bank account–will automatically pass to the survivor, or you may have designated a beneficiary for a life insurance policy or retirement account. However, it is still important to have a Will or a Trust for several reasons. Certain assets must pass through your estate (for example, personal objects or cryptocurrency), so the only way to direct where they go at your death is through a legal document. Having no assets in your estate will make it difficult to pay for your last expenses, including funeral costs, legal fees, and any taxes.

Now that we’ve looked at the important reasons 

 to have an estate plan, it’s time to turn to the 

The most important person is you, the creator of the will (testator) or trust (called grantor, settlor, or trustor–not to be confused with the trustee!). By taking the time for careful consideration and creating various legal documents, you are establishing clear expectations for how you want your money and property to be handled upon your death.


The other essential players involved in estate planning include:

These are family members, loved ones, or charitable organizations—anyone who receives an asset of yours in your Will or Trust. Assets can include cash, real estate, or that piano you inherited from your grandparents.

: If you die without an estate plan (or all the beneficiaries you listed in your estate plan have passed away or otherwise do not qualify to receive your assets), the people who will receive your assets are known as your heirs. Your heirs are determined under default succession laws. They are not necessarily the people you would have named as your beneficiaries.

If you create a Will, you will name an executor (sometimes called an administrator or personal representative) to manage your affairs after you die. This person will collect your property, pay any debts and taxes, and distribute the remaining property according to the terms of your Will. This often takes a bit of legwork, including contacting banks, investment and insurance companies, and appraisers.

When the centerpiece of your estate plan is a Trust rather than a Will, this person manages your affairs just like an executor would. Because the roles are so similar, generally the same person is named in the role of successor trustee and executor. Moreover, if you put assets into your Trust during life, the trustee can manage them during your incapacity, instead of relying on a financial power of attorney.

Not to be confused with an actual lawyer, this is the person you named in your financial or health care power of attorney to act or make decisions on your behalf.

 If you have children who are minors or have special needs, this is the person you name to care for the wellbeing in case both you and the other parent are unable to care for those children.

If you’re wondering whether a lawyer is also part of this list, it depends. Most people can set up and manage their estate plan on their own using online tools, like Wealth, which are backed by extensive legal expertise.

 behind estate planning, you can see it really boils down to thinking about and documenting your final wishes, then appointing someone you trust to be in charge of executing those wishes after you die. It’s a simple, thoughtful act that protects your family and your legacy.

We hope these explanations have shown that estate planning is important but not impossible. Like death itself, it’s not something people talk about much, which has led to a myth that it’s too complicated for the average person to tackle. The reality is, estate planning takes time and consideration, but it’s time well spent to safeguard your loved ones’ wellbeing.

We can help you create, manage, and visualize your estate plan using our comprehensive and secure platform, without needing any outside help.

Ready to get started?

What Estate Planning Really Is: An Essential Overview

In short, everyone can benefit from having an estate plan. There is no specific income threshold or criteria to meet in order to need an estate plan or gain the benefits from having one in place. Your circumstances and personal wishes are what guides how estate plans are created, but the specifics of your life shouldn’t prevent you from realizing the benefits of having an estate plan.

This article explains under what specific circumstances you might need an estate plan and why the reasons you think you might not need one aren’t always true.

For many people, the word “estate” in estate planning conjures up images of a mansion with servants and grand staircases and probably a stable out back. Most people don’t see themselves in those images, which means they relegate estate planning to the über-wealthy. The result? You likely have formed a few misconceptions about who needs an estate plan, confident in your belief that it’s simply not for you. But that’s a costly mistake many people make. Here, we bust six of the most common myths about who needs an estate plan.

Do you have a savings account? A car? A dog? These are not the trappings of the rich and famous, but they are parts of your estate that will need to be taken care of or find a new home when you die.

Yes, you have an estate, which is really just a fancy word for all your stuff. There is no minimum net worth that triggers a need to create an estate plan, but rather a series of decisions you can choose to make. Otherwise, you will let laws drafted long ago determine where your stuff should go and a judge who has never met you might decide who should manage your affairs and take care of your kids. You may already have designated a beneficiary for some of your accounts—your 401(k) and life insurance, for example. But that’s just a first step toward a plan; estate planning is the best way to direct how the rest of your property and possessions should be divvied up.

We get it—lots of people put off estate planning because it makes them confront the idea of death. But guess what? It’s going to happen to all of us, and none of us know when, so it’s better to be prepared, right?

 You can start estate planning as soon as you turn 18 (and in some states, even younger!), but the real trigger is when you start acquiring things—money, real estate, vehicles, collections—that you want to protect after you die. And, of course, having kids is one of the biggest reasons people start thinking about estate planning.

Even in their 20s, most people have possessions they’d like to see passed on to family members or other loved ones. You may be worried that no one in your family would know to give your pets to your neighbor or friend, rather than surrender them to a shelter. Or, if something were to happen to you, you feel strongly that you would want certain family members (but not others) to manage your affairs or make medical care decisions for you.

Myth 3: Not me, I don’t have any valuable property to pass down.

Just because you don’t own real estate doesn’t mean you don’t need an estate plan.

Often value is in the eye of the beholder. Maybe you and your favorite nephew have always shared a passion for model trains and you would want him to end up with your train set that he always admired. Or you would like to make a last cash gift to your favorite charity as part of your legacy. You can include instructions in your will about sentimental possessions too, ensuring they are preserved and appreciated by future generations.

Myth 4: Not me, my family knows exactly what I want to happen when I die.

Do they really? Are you sure? Do they know your feelings about organ donation, and would they respect them? If your family situation is calm and uncomplicated, that may be true. But that’s not most of us.

Making an estate plan is a gift to your loved ones that protects and provides for them while clearing up any confusion about your wishes. If something were to happen to you, it will be an upsetting time for those who step in to make the toughest decisions on your behalf. There could be disagreements about your treatment and care, who should sign paperwork on your behalf, and where your stuff will end up. When you take the time to put instructions into documents like an advance health care directive, a financial power of attorney, and a Will and/or Trust, you eliminate second-guessing and free your loved ones in making those tough decisions.

Myth 5: Not me, I don’t have kids, so I don’t need a will.

Writing a will that designates guardians for minor children is a commonly cited objective for estate planning, but it’s not the only one by a long shot.

If you die intestate (without an estate plan), your possessions and property will pass to your children or spouse in some proportion that varies by state law. But if you’re single and don’t have kids, then it actually makes it 

 complicated to decide what to do with your stuff. Depending on the state, all of your stuff might go to your parents, otherwise your siblings. If you want anyone else – a nephew, friend or charity – to receive anything from your estate, however small, you need an estate plan.

Myth 6: Not me, I’m not dying anytime soon, so I don’t need to worry about estate planning now.

The COVID-19 pandemic taught us a lot of important lessons about living in the moment, including facing our own mortality. It’s a wake-up call that many of those ages 18 to 34 heard loud and clear. 

In 2021, 63% more people in that age group created a will than in 2020.

In addition to being prepared for the unexpected, there’s a very important part of estate planning that many people forget about because it covers what happens when you’re 

. Signing an advance health care directive and financial power of attorney are two estate planning steps that allow someone else to make decisions on your behalf and grant signature authority over your affairs. The advance health care directive, when it includes a living will, also clarifies your wishes for the type of medical care you want to receive if you are unable to make decisions for yourself or communicate for yourself.

Everyone can benefit from an estate plan regardless of circumstance. That doesn’t mean everyone’s estate plan will look the same, it just means that the answer to “who needs an estate plan” is… me.

Who Needs an Estate Plan?

Most of us have been taught that politics, religion, and money are topics to avoid with family and friends. They are charged with emotion, highlight our differences, and lead to some uncomfortable interactions. Another topic people tend to avoid talking about—especially with our families—is what happens when we die. You know it’s important, but you steer clear of it anyway.


We want to help you to be better prepared to approach these awkward, but necessary, conversations about end-of-life preparations. Whatever your family dynamics look like, there are tips and tools you can use to have more empathetic conversations with your children, siblings, parents, and other loved ones.

Losing a parent is hard on a child, regardless of the child's age. But how you prepare your children for when you are gone will change over time as they grow older. School-age kids should be comforted knowing they’ll be taken care of by someone who loves them. As they become older teenagers and adults, it’s time to have more candid conversations about your estate plan, especially if you’ve selected one or more of them to be your:

They don’t have to be privy to every element of your plan, but it can be helpful to keep them in the loop on the location of your estate planning documents and how to access other accounts as needed.

If you’ve selected one of your children over another to be part of managing your estate, you might want to discuss your rationale—one child lives closer, is more organized, or is older—so there are no hard feelings among siblings. If your children will be responsible for your last wishes, outline the details in your estate plan and also discuss what you want to happen to your body (cremation, burial, donating your body to science), as well as specific instructions for your funeral or other type of celebration or ceremony. This also is an opportune time to discuss end-of-life health care decisions. A

 found that although 90% of people think having conversations about their end-of-life healthcare decisions is essential, just over a quarter (27%) have done so. If you have an advance directive or living will, your wishes should be spelled out, but discussing them out loud ensures there are no surprises.

Once you’re an adult, it’s time to discuss with your parents what kind of plan they have in place. If you know they’ve neglected estate planning, you and your siblings or other relatives are going to be the ones trying to clean up the chaos when they die.


At some point, you also may be the person left to care for older aunts, uncles, in-laws, or grandparents. If these individuals have not designated anyone else to manage their affairs, discuss making your role more official, such as naming you as the agent in their powers of attorney, so you’ll be able to take care of financial and healthcare decisions for them.


If you have a good relationship with your siblings, try to get aligned before having a conversation with your parents so everyone is on the same page. And if you can’t seem to make any headway simply 

 about the topic, try sharing informational articles, walking them through a digital estate planning site, or scheduling an appointment to meet with an estate planning attorney. You can’t force them to create an estate plan, but you can help to demystify and simplify the process for them.

You don’t want to ruin a family celebration by talking about death, but if the holidays or birthdays are the only time you get together as a family, set aside a separate chunk of time to have an estate planning discussion. Be prepared for some emotion and be open to questions and differing perspectives. It’s important to be honest but not overwhelming. These are important decisions that need to happen, but they don’t all have to be finalized in one conversation. Focus on the fact that estate planning provides peace of mind for everyone—both the person dying and their loved ones left behind.


Having a loose agenda or checklist of topics can help ensure you cover all the essentials. Be sure to include wills or trusts, financial power of attorney, and healthcare power of attorney.

Having Difficult Conversations About Estate Planning

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