Estate planning sounds intimidating, but it’s really just making sure your family knows where to find your important stuff and what to do with it when you’re gone.
You don’t need to be wealthy to need estate planning. If you have a house, kids, a bank account, or even just family photos on your phone, you need some basic estate planning documents.
This guide will walk you through exactly what documents you need, where to get them, and how to store them so your family can actually find and use them.
Why Estate Planning Documents Matter
Let me start with a story that happens every day:
“When my mom died suddenly, we spent three months trying to figure out what she owned and where everything was. We found bank statements, but didn’t know if she had other accounts. We found an old will in her desk, but wasn’t sure if it was the current one. The whole process took over a year and cost us thousands in legal fees that could have been avoided with better organization.” - Lisa, Florida
Estate planning documents do three things:
- Tell your family what you own and where to find it
- Explain your wishes for your property and care
- Give someone legal authority to handle your affairs
Without these documents, your family faces months of legal complications, high costs, and a lot of guesswork about what you would have wanted.
The Essential Estate Planning Documents (Your Must-Have List)
Level 1: The Basics (Everyone Needs These)
1. Will (Last Will and Testament) What it does: Tells people who gets your stuff and who should handle your affairs Who needs it: Everyone over 18, especially if you have kids or own anything valuable Cost: $150-$1,000 with a lawyer, $50-$200 with online services
2. Financial Power of Attorney What it does: Lets someone handle your money and financial decisions if you can’t Who needs it: Everyone over 18 When it’s used: If you’re in an accident, have dementia, or are otherwise unable to make decisions
3. Healthcare Power of Attorney (or Healthcare Proxy) What it does: Lets someone make medical decisions for you if you can’t Who needs it: Everyone over 18 Different from: A financial power of attorney (different person can handle each)
4. Living Will (or Advance Directive) What it does: Explains your wishes for end-of-life medical care Who needs it: Everyone, but especially important if you have strong preferences about life support, feeding tubes, etc. Peace of mind: Takes the burden off family members to guess what you’d want
Level 2: If You Have a Family (Most Adults Need These)
5. Guardianship Designation What it does: Names who should care for your minor children if both parents die Who needs it: Anyone with kids under 18 Critical note: Without this, a judge decides who raises your children
6. Beneficiary Designations What it does: Names who gets your retirement accounts, life insurance, and bank accounts Who needs it: Anyone with retirement accounts, life insurance, or payable-on-death accounts Important: These override your will, so keep them updated
7. Letter of Instruction What it does: Informal document with practical information for your family Who needs it: Everyone (this is often the most useful document for families) Contains: Account numbers, passwords, funeral wishes, location of important documents
Level 3: If You Have Significant Assets (Some People Need These)
8. Trust Documents What it does: Manages your assets according to specific rules, often avoids probate Who needs it: People with significant assets, complicated family situations, or privacy concerns Cost: $1,000-$5,000+ with a lawyer
9. Business Succession Plan What it does: Explains what happens to your business when you die or become incapacitated Who needs it: Business owners, including side hustles and freelance work Includes: Partnership agreements, buy-sell agreements, key employee information
10. Digital Asset Inventory What it does: Lists your online accounts, digital assets, and access information Who needs it: Everyone (we all have more digital assets than we realize) Modern necessity: Often overlooked but increasingly important
Document-by-Document Guide: What You Need to Know
Last Will and Testament
What to include:
- Who gets your property (house, car, personal belongings)
- Who should be the executor (person who handles your affairs)
- Guardianship for minor children
- Specific gifts or charitable donations
What NOT to include:
- Retirement accounts or life insurance (use beneficiary designations instead)
- Property you own jointly with someone else
- Anything you want to keep private (wills become public record)
Where to store:
- Original with your lawyer or in a safe deposit box
- Copies with your executor and family members
- Digital copies in secure cloud storage for easy reference
When to update:
- After major life events (marriage, divorce, births, deaths)
- When you move to a different state
- Every 5 years as a general rule
Power of Attorney Documents
Financial Power of Attorney considerations:
- Choose someone you trust completely with money
- Decide if it should be “durable” (continues if you become incapacitated)
- Consider whether it should be immediate or “springing” (only active when needed)
- Give specific powers: banking, real estate, taxes, business operations
Healthcare Power of Attorney considerations:
- Choose someone who will advocate for your wishes, not their own
- Make sure they understand your values and preferences
- Consider choosing someone different from your financial power of attorney
- Discuss specific scenarios: life support, feeding tubes, experimental treatments
Tips for both:
- Choose backups in case your first choice can’t serve
- Make sure the people you choose are willing and able
- Give them copies of the documents and explain your wishes
- Store originals where they can be easily accessed in emergencies
Living Will and Advance Directives
What to cover:
- Life support preferences
- Feeding tube decisions
- Pain management wishes
- Organ donation choices
- Funeral or burial preferences
Making it practical:
- Be specific about situations, not just general preferences
- Discuss your wishes with family and healthcare providers
- Consider your religious or cultural beliefs
- Update if your health situation changes significantly
Storage tips:
- Give copies to your doctors and keep in your medical records
- Store copies at home where family can easily find them
- Consider keeping a summary card in your wallet
- Make sure hospitals and care facilities have current copies
The Digital Estate Planning Component
Here’s something most people forget: your digital life needs estate planning too.
What Counts as Digital Assets
- Photos and videos on your phone, computer, and cloud storage
- Social media accounts with years of memories and connections
- Email accounts with important correspondence and documents
- Financial accounts accessed through apps and websites
- Cryptocurrency and digital investments
- Subscriptions and services that charge your credit card monthly
- Business accounts and websites that generate income
Why Digital Assets Matter
- Financial value: The average person has $25,000-$50,000 in digital assets
- Emotional value: Family photos and messages are irreplaceable
- Practical value: Important documents and account information
- Ongoing costs: Subscriptions continue charging after death
Modern Solutions for Digital Estate Planning
While traditional lawyers handle physical assets well, digital assets need specialized approaches. Services like Eternal Vault are designed specifically for this challenge, automatically monitoring your digital accounts and helping families access what they need when the time comes.
Creating Your Estate Planning Action Plan
Phase 1: Immediate Needs Assessment (This Week)
Take inventory of what you have:
- List your major assets (house, cars, bank accounts, investments)
- Identify who depends on you financially
- Think about who you’d want to handle your affairs
- Consider your healthcare preferences
Quick protection steps:
- Set up basic beneficiaries on retirement accounts and life insurance
- Write down your healthcare wishes and share with family
- Make a list of your important accounts and where documents are stored
Phase 2: Document Creation (This Month)
DIY options:
- Online services: LegalZoom, Nolo, Rocket Lawyer ($50-$200)
- State-specific forms: Many states provide free basic forms
- Software: Quicken WillMaker, Suze Orman resources
Professional help:
- Estate planning attorneys: $500-$2,000 for basic documents
- Financial advisors: Often provide basic estate planning guidance
- Online attorney services: Combination of DIY and professional review
What to prioritize:
- Will and power of attorney documents first
- Beneficiary designations on all accounts
- Healthcare directives and guardianship papers
- Digital asset planning and organization
Phase 3: Organization and Storage (Next 3 Months)
Physical document storage:
- Fireproof safe at home for copies and reference documents
- Safe deposit box for originals of critical documents
- Copies with trusted family members and your attorney
Digital document management:
- Scan all important documents to secure cloud storage
- Create a digital inventory of accounts and assets
- Set up family access to critical information
- Use secure platforms designed for estate planning organization
Family communication:
- Explain your plans to key family members
- Make sure executors and power of attorney agents understand their roles
- Provide instructions for accessing documents and accounts
- Schedule annual reviews to keep everything current
Estate Planning for Different Life Stages
Young Adults (20s-30s)
Priorities: Basic protection, healthcare decisions, student loan considerations Key documents: Will, healthcare power of attorney, living will Special considerations: Parents may still be emergency contacts; update as you become independent
Families with Young Children (30s-40s)
Priorities: Guardianship, life insurance, college planning Key documents: Will with guardianship provisions, life insurance beneficiaries, 529 plan beneficiaries Special considerations: Choose guardians carefully and discuss your wishes with them
Pre-Retirement (40s-60s)
Priorities: Asset protection, retirement planning, aging parent care Key documents: Updated wills, trust considerations, long-term care planning Special considerations: Balance caring for children and aging parents
Retirement Age (60s+)
Priorities: Healthcare planning, legacy planning, incapacity planning Key documents: Comprehensive estate plan, long-term care directives, charitable giving plans Special considerations: Regular plan reviews as health and family situations change
Common Estate Planning Mistakes to Avoid
Mistake #1: Waiting for the “Right Time”
The problem: People think they need to be older or wealthier to need estate planning The reality: Anyone with dependents or assets needs basic planning The solution: Start with simple documents and build from there
Mistake #2: Set It and Forget It
The problem: Creating documents once and never updating them The reality: Life changes require document updates The solution: Schedule annual reviews and update after major life events
Mistake #3: Not Telling Anyone About Your Plans
The problem: Family doesn’t know what documents exist or where to find them The reality: Hidden documents don’t help anyone The solution: Share information with key family members and executors
Mistake #4: Ignoring Digital Assets
The problem: Focusing only on traditional assets and ignoring digital property The reality: Digital assets are often worth more than physical property The solution: Include digital estate planning in your overall plan
Mistake #5: Choosing the Wrong People
The problem: Selecting executors or agents based on family relationships rather than ability The reality: These roles require specific skills and availability The solution: Choose based on trustworthiness, organization skills, and willingness to serve
The Cost of Estate Planning vs. The Cost of Not Planning
Estate Planning Costs
DIY approach: $50-$500
- Online forms and software
- Notarization fees
- Document storage costs
Professional assistance: $500-$5,000
- Attorney fees for document preparation
- Ongoing legal advice and updates
- Complex trust and business planning
Comprehensive approach: $1,000-$10,000+
- Full legal and financial planning
- Digital asset organization and protection
- Ongoing management and updates
Costs of Not Having Estate Planning
Legal and administrative costs: $5,000-$50,000+
- Probate court fees and legal costs
- Administrator fees for handling affairs
- Delays in accessing assets and accounts
Family costs: Immeasurable
- Stress and conflict during grieving
- Guesswork about your wishes and preferences
- Time spent searching for documents and accounts
- Lost or inaccessible digital assets and memories
The math is clear: Even expensive estate planning pays for itself many times over.
Technology Tools That Make Estate Planning Easier
Document Creation and Management
Online legal services: LegalZoom, Rocket Lawyer, Nolo
- Pros: Affordable, convenient, state-specific forms
- Cons: Limited customization, no ongoing relationship
Estate planning software: Quicken WillMaker, Suze Orman tools
- Pros: One-time cost, comprehensive guidance
- Cons: Still requires your time and organization
Attorney-assisted online services: Trust & Will, FreeWill
- Pros: Professional review with online convenience
- Cons: More expensive than pure DIY
Document Storage and Organization
Cloud storage: Google Drive, Dropbox, iCloud
- Pros: Accessible anywhere, easy sharing
- Cons: Security concerns, family access challenges
Password managers: 1Password, Bitwarden, LastPass
- Pros: Secure storage, family sharing options
- Cons: Limited to password and login information
Specialized estate planning platforms: Everplans, GoodTrust, Eternal Vault
- Pros: Designed specifically for estate planning organization
- Cons: Subscription costs, newer technology
Your Estate Planning Checklist: Take Action Today
✅ Week 1: Assessment and Planning
- List your major assets and accounts
- Identify people who depend on you
- Think about who you’d want as executor and power of attorney
- Research your state’s estate planning requirements
✅ Week 2: Basic Protection
- Update beneficiaries on retirement accounts and life insurance
- Create or update your will (even a simple one)
- Set up basic power of attorney documents
- Write down your healthcare wishes
✅ Week 3: Digital Asset Planning
- Make a list of your important online accounts
- Consider how your family will access digital assets
- Set up legacy features on major platforms (Google, Apple, Facebook)
- Organize important digital documents
✅ Week 4: Organization and Communication
- Organize physical documents in a secure, accessible location
- Create digital copies of important documents
- Tell key family members about your plans
- Schedule annual reviews to keep everything current
✅ Ongoing: Maintenance and Updates
- Review and update documents after major life events
- Keep beneficiary designations current
- Update digital asset inventories as accounts change
- Communicate changes to family and executors
When to Get Professional Help
You probably need an attorney if:
- You have significant assets (over $100,000-$500,000)
- You have a complicated family situation (blended families, estranged relatives)
- You own a business or professional practice
- You have special needs children or dependents
- You want to minimize taxes or protect assets from creditors
You can probably handle it yourself if:
- You have straightforward finances and family situations
- Your assets are modest and beneficiaries are clear
- You’re comfortable using online tools and forms
- You want basic protection without complex planning
Either way, you need to start somewhere. A simple will is infinitely better than no will at all.
The Peace of Mind That Comes with Proper Planning
Estate planning isn’t just about documents and legal requirements. It’s about:
Protecting your family from unnecessary stress, costs, and conflicts during already difficult times.
Ensuring your wishes are followed for your property, your care, and your children.
Preserving your legacy including not just financial assets but also digital memories and family history.
Taking control of what happens to your life’s work instead of leaving it to chance and legal default rules.
“The best part about finishing our estate planning wasn’t the documents themselves - it was the conversations we had as a family about what really matters to us. Our kids know our values and wishes, and we know they’ll be taken care of.” - Robert and Sarah, Colorado
Your Estate Planning Journey Starts Today
Estate planning might seem overwhelming, but remember:
- You don’t have to do everything at once - start with the basics and build from there
- Simple planning is better than perfect planning - basic documents protect your family even if they’re not perfect
- You can always update and improve - estate planning is an ongoing process, not a one-time event
- Technology can help - modern tools make organization and planning much easier than it used to be
The most important step is the first one. Whether you spend 30 minutes updating beneficiaries or 30 hours creating comprehensive documents, you’re giving your family a gift of preparation and peace of mind.
Don’t wait for a health scare or family crisis to realize you need estate planning. Start today with whatever feels manageable, and build from there.
Your family will thank you for the foresight and care you showed in preparing for the future.
Ready to organize your estate planning documents and ensure your family can access everything they need? Start with Eternal Vault’s free plan to securely organize your documents, digital assets, and family instructions in one place. Questions about estate planning? Contact our team for guidance on getting started.