The Estate Plan You Need Today (Yes, Even If You're Not Rich)

Photo by Scott Graham on Unsplash

The biggest mistake with estate planning isn’t making the wrong choice. It’s making no choice at all.

I’ve seen what happens when someone dies without a plan in place. Family fights that last a lifetime—not because anyone’s greedy, but because everyone’s grieving. They’re dealing with loss and pain, and instead of being able to process that, they’re forced to make decisions nobody prepared them for. Two sides believe they knew what the loved one wanted, but there’s no documentation, so it becomes a battle of interpretations. I’ve watched relationships end over this.

I’ve seen arguments over sentimental items more than expensive ones. A piece of jewelry. A family photo album. The deceased meant to say something. They just never wrote it down.

Estate planning isn’t about being wealthy. It’s about protecting your family from confusion and conflict when you’re gone. Today is the day to get something in place. Even if it’s simple. You can always upgrade later.

What follows is two things: why this matters more than you think, and a practical guide to getting it done. Skip ahead to “Here’s how to run this play” if you’re ready to act.

I’ve had at least a simple will in place since my 20s. Not because I had money—I didn’t. But I understood what a pain it would be for the people I loved if I didn’t have something written down.

Think about it: if you’re living with a partner and pass away suddenly, especially if you’re not married, they need a way to legally access your money just to keep paying rent. Without documentation, they can’t touch your accounts. They’re grieving and dealing with a financial crisis you could have prevented.

When my second child was born—over ten years ago now—I upgraded to the full setup: will, trust, powers of attorney, healthcare directives. I’ve had it reviewed by an attorney every five years since. Nothing has changed in those reviews. The point isn’t constant updating. The point is that it’s done.

I also keep a document with all my account information and passwords, shared with family members. That one’s easy to overlook. It’s also critical.

Here’s the minimum viable estate plan. If you have these in place, you’re ahead of most people.

A will. The foundation. States who gets what, names guardians for minor children, names an executor to manage everything. Easy to set up now—basic templates are everywhere, and you can use AI to help draft one.

A power of attorney (financial). Lets someone manage your finances if you’re incapacitated—pay bills, handle investments, make decisions on your behalf while you’re alive but unable to act.

A healthcare proxy. Names someone to make medical decisions if you can’t. Different from a living will—the proxy is about who decides.

A living will (advance directive). States your wishes for end-of-life care. Do you want life support? Under what conditions? Removes the burden of that impossible decision from your family.

Beneficiary designations. On retirement accounts, life insurance, bank accounts. Here’s the thing most people don’t realize: beneficiary designations often override your will. If your will says “everything to my spouse” but your 401(k) still lists your ex from 15 years ago, your ex gets the 401(k). That’s how it works. Review these at least once a year.

A passwords and accounts document. Every account you have, login information, how to access them. Shared with a trusted family member. Updated when things change. When you die, someone needs to find and access all of this. Make it easy for them.

Funeral and memorial wishes. What do you want? Burial or cremation? What kind of service? Write it down. I’ve seen families argue about this because somebody projects what they want rather than honoring what the person wanted.

When do you need a trust?

A trust avoids probate—the court process that can take months or years and cost your estate 3-8% of its value. It gets assets to heirs faster and keeps things private.

If you have children, you probably want a trust. If your estate is above roughly $100,000, the probate savings start to outweigh the upfront cost. Your local attorney can handle this—you don’t need an expensive specialist unless your situation is unusually complex. We’ll go deeper on trusts in a future post.

If you have kids, three things matter.

Name a guardian. If both parents pass away, who takes care of your children? If you don’t specify, the courts decide. I’ve seen the acrimony that creates.

Children should “come with money.” Whoever takes care of your kids should get your assets too, so they don’t see your children as a financial burden. Don’t give your estate to one person and expect someone else to raise your kids without funds. That’s a recipe for resentment.

Don’t let kids get a lump sum at 18. A trust can specify when children receive their inheritance—at 25, in stages, or tied to milestones. An 18-year-old with sudden access to a large sum rarely handles it well.

Here’s how to run this play.

Level 1: DIY—get something in place today. LegalZoom, Trust & Will, online templates, or AI. Even if it isn’t perfect, you now have something where you had nothing. Start here no matter what.

Level 2: Local attorney review. Important if you have children or want a trust. For the vast majority of people, this is all you need.

Level 3: Estate planning specialist. Only for complex estates. Most readers won’t need this.

If you have…No kids, minimal assets - DIY may be enough

If you have…Have children - Local attorney + trust

If you have…A complex estate - Estate planning specialist

What will this cost?

DIY runs $20-$600. Services like LegalZoom charge $100-$600 for wills, $250-$1,500 for trusts. Attorney-drafted basic packages (will + POA + healthcare directive) typically run $1,000-$2,500. Add a trust and you’re looking at $1,500-$4,000. Major metros are higher; smaller cities lower.

My experience: we did it once, comprehensively, over ten years ago. Attorney review every five years. The upfront cost was real. The ongoing cost has been minimal.

The conversations matter as much as the documents.

With your spouse: find uninterrupted time. No TV, no kids running around. If there are young children in the house, pay for a babysitter. Write things down.

With aging parents: explain the challenges you’ve seen when friends’ parents passed away without a plan—and that you want to make sure this isn’t an additional burden at an already hard time. Then find a quiet place to talk through it.

Even something simple helps: “The folder with everything is in the desk upstairs, third drawer.” If you don’t know where to look, you can’t find anything.

Should you tell your heirs? If you’re splitting things equally and everyone expects that, there’s no need. But if one child is being favored—maybe one needs the help more—that might warrant a conversation. People handle it better with an explanation than finding out after you’re gone. And for sentimental items, be specific. Write it down. Those are the things people fight about.

What if you move to a new state?

Your will and trust are generally still valid—you don’t need to start over. But have it reviewed by a local attorney. Some states have specific rules about executors, and powers of attorney requirements vary.

Here’s what to do this week:

If you have nothing: do a DIY will today. Check beneficiary designations on all accounts. Create your passwords document. Write down your funeral wishes.

This month: If you have kids, schedule a consultation with a local attorney. Have the conversation with your spouse. If you have aging parents, have the conversation with them.

Annually: Review beneficiary designations. Update your passwords document. Review your full plan with an attorney every five years.

So where does this leave you?

If you already have something in place—when did you last review it? Are beneficiaries current?

If you have nothing—today is the day. Not next week. The DIY version takes an afternoon. The stakes are too high to keep putting it off.

Your family deserves clarity. They deserve not to fight. They deserve to grieve without untangling a mess you could have prevented.

Start now.