Yes — if you have any assets, dependents, or strong preferences about who inherits your property, you need a will. Without one, your state's intestacy laws determine who gets what, and it may not match your wishes. A basic will can be created for $100–$300 through an attorney or online tools like Trust & Will.

What is the difference between a will and a trust?

A will goes through probate (a public court process) before assets are distributed. A trust lets assets transfer directly to beneficiaries without probate — faster, more private, and harder to contest. A revocable living trust is the most common setup for most Americans and costs $1,000–$3,000 to establish.

What documents do I need for estate planning?

The core four: (1) a will or living trust, (2) durable power of attorney (financial decisions), (3) healthcare power of attorney/proxy, and (4) advance directive/living will (medical wishes if incapacitated). Beneficiary designations on retirement accounts and life insurance are equally critical and override your will.

Estate Planning – Wills, Trusts, POA & End-of-Life Documents

Estate planning protects your family even when — especially when — you can’t. Without the right documents, state laws decide who raises your children, who gets your assets, and who makes your medical decisions. These guides explain what documents you need, what happens without them, and how to set everything up at any life stage — whether you’re 25 or 75.

Start with our Estate Planning Guide for a complete overview of wills, trusts, powers of attorney, beneficiary designations, estate tax strategies, and the documents every adult should have in place.

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

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