Your Assessment Result

You Need a Will and a Few Key Supporting Documents

You have property, people who depend on you, and enough financial complexity that a small package of documents, working together, gives you and your family real protection.

Your Situation

Think of estate planning like a set of tools, not a single document. A will handles what happens after death. But what about while you're alive? What if you're in an accident and can't manage your finances? What if you're in the hospital and can't communicate your wishes about treatment? [1]

That's why estate planning professionals typically recommend a basic package of three to four documents that cover different scenarios [2]:

A will covers asset distribution, executor appointment, and guardian designation. A financial power of attorney covers financial decisions during incapacity. A healthcare advance directive covers medical decisions and names a healthcare agent. Beneficiary review ensures retirement accounts and insurance align with your wishes.

Disclaimer: This is educational information, not legal advice. Every situation is unique. Consult with a qualified estate planning attorney before making decisions.

Your Recommended Next Steps

1

Start With a Will

This is the foundation. Your will says who gets your assets (including your home), who handles your estate, and if you have minor children, who raises them [3]. If you own property, having a will is especially important because real estate transfer without one can be slow and expensive, requiring probate in most states [4].

2

Add a Financial Power of Attorney

A power of attorney names someone, often a spouse, to manage your finances if you can't. This includes paying bills, managing investments, filing taxes, and handling insurance claims. You want a durable power of attorney, which specifically remains in effect during incapacity. That's when you need it most [5].

3

Create a Healthcare Advance Directive

This documents your wishes about medical treatment and names a healthcare agent who can make medical decisions when you can't [6]. Free state-specific advance directive forms are available through most state bar associations and departments of health [7].

4

Review Your Beneficiary Designations

Retirement accounts, life insurance policies, and some bank accounts transfer directly to whoever is named as beneficiary, completely outside your will [8]. If those designations are outdated, the money goes there regardless of what your will says. Log into each account and verify. Takes about 15 minutes.

5

Consider an Attorney Consultation

With property and meaningful assets, a one-time consultation with an estate planning attorney (typically $200–$500 for an initial meeting) can ensure everything is set up correctly and coordinated [2]. It's not required, but it's a smart investment at your level of complexity.

What This Means

Your situation is common and manageable. You're not in "complex estate" territory, but you've moved past the point where a will alone covers everything. The standard package of a will, power of attorney, and advance directive is what most estate planning attorneys recommend for people in your position.

The conversations about who makes decisions for you and what medical treatment you'd want aren't easy. But they're far easier now than they would be for your family during a crisis.

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Sources

[1] "Estate Planning Info & FAQs" — American Bar Association · americanbar.org/groups/real_property_trust_estate/resources/estate-planning/
[2] "Introduction to Wills" — American Bar Association · americanbar.org/groups/real_property_trust_estate/resources/estate-planning/intro-wills/
[3] "Will" — Cornell Law Institute (LII) · law.cornell.edu/wex/will
[4] "Probate" — Cornell Law Institute (LII) · law.cornell.edu/wex/probate
[5] "Power of Attorney" — Cornell Law Institute (LII) · law.cornell.edu/wex/power_of_attorney
[6] "Advance Care Planning: Advance Directives for Health Care" — National Institute on Aging (NIH) · nia.nih.gov/health/advance-care-planning/advance-care-planning-advance-directives-health-care
[7] "Consumer's Toolkit for Health Care Advance Planning" — American Bar Association · americanbar.org/groups/law_aging/resources/health-care-decision-making/consumer-s-toolkit-for-health-care-advance-planning
[8] "Planning Ahead — Have You Chosen Your Beneficiaries?" — FINRA · finra.org/investors/insights/choosing-beneficiaries
Last reviewed: February 2026

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