We know putting together an estate plan can seem daunting, so ARAG laid out the basic documents you will need to create your legacy.
Estate planning isn’t just for the wealthy or retired, it’s for anyone who wants a say in what happens to their family, finances and medical decisions.
Whether you’re protecting children, supporting aging parents or planning for the unexpected, having an estate plan in place can bring clarity, confidence and peace of mind. This free guide breaks estate planning down into simple, understandable steps so you can make informed decisions about your future.
What is estate planning – and why does it matter?
Estate planning is the process of organizing legal documents that explain how your assets, healthcare decisions and responsibilities should be handled if you become incapacitated or after you pass away.
A thoughtful estate plan can:
- Ease decision‑making for loved ones
- Reduce stress during difficult moments
- Help avoid disputes and delays
- Ensure your wishes are clearly documented
Even a basic plan can make a meaningful difference for the people you care about most.
Common estate planning documents
This guide walks you through the most common estate planning documents and explains, in plain language, what each one is designed to do.
Health care power of attorney
Learn how this document allows you to appoint someone you trust to make medical decisions on your behalf if you are unable to do so yourself.
Appointment of HIPAA representative
Understand how designating a HIPAA representative permits trusted individuals to access your medical information when needed.
Living will
Explore how a living will documents your wishes regarding life‑sustaining treatment and end‑of‑life medical care.
Durable power of attorney
See how a durable power of attorney helps ensure someone can manage financial and personal matters if you become incapacitated.
Will (last will and testament)
Learn the role a will plays in distributing property, naming guardians for dependents and appointing executors to carry out your wishes.
Revocable living trust
Discover how revocable trusts can help manage assets during incapacity or after death and, in some cases, avoid probate.
Who needs an estate plan?
You may benefit from estate planning if you:
- Have children or grandchildren
- Own a home or vehicle
- Have savings, investments or retirement accounts
- Care for an elderly parent or family member with special needs
- Own a business or valuable personal property
Estate planning isn’t a one‑time task, it should be reviewed and updated as your life and circumstances change.
Frequently asked questions
What is included in an estate plan?
An estate plan typically includes documents such as a will, health care power of attorney, durable power of attorney, living will and sometimes a trust. The exact documents needed depend on personal circumstances and state laws.
Is estate planning only for older adults?
No. Estate planning is important for adults of all ages, especially those with children, property, financial accounts or medical preferences they want respected.
What’s the difference between a will and a trust?
A will outlines how property is distributed after death, while a trust can manage assets during life and after death. Some assets may bypass a will entirely if beneficiary designations or trusts are in place.
How often should I review my estate plan?
Estate plans should be reviewed periodically and after major life events such as marriage, divorce, childbirth, moving to a new state, retirement or significant financial changes.
Do I need an attorney to create an estate plan?
While learning the basics is a helpful first step, an attorney can help ensure documents are accurate, legally sound and aligned with state requirements, helping avoid unintended consequences.
