Estate planning is not reserved for the wealthy or elderly. If you have assets, loved ones, or strong preferences about your healthcare, you need an estate plan. The absence of planning does not mean the absence of decisions. It means those decisions will be made by courts and laws that may not reflect your wishes. The Purpose of Estate Planning Estate planning serves three fundamental purposes: ensuring your assets pass to the people and causes you choose, protecting your family from unnecessary legal complexity and expense, and establishing decision-makers for your healthcare and finances if you become unable to manage these matters yourself. Many people believe that owning assets jointly or naming beneficiaries on accounts eliminates the need for estate planning. While these tools have their place, they address only a portion of what comprehensive planning accomplishes and can create unintended consequences when used without professional guidance. Core Estate Planning Documents A will remains the foundation of most estate plans. It names an executor to manage your estate, directs how assets should be distributed, and for parents of minor children, names guardians to care for them. However, a will alone may not avoid probate or provide for incapacity planning. Powers of attorney designate individuals to make financial and healthcare decisions on your behalf if you cannot make them yourself. Without these documents, your family may need to pursue expensive and time-consuming court proceedings to gain authority to act on your behalf. Trusts serve various purposes depending on your circumstances. They can avoid probate, provide for minor children or family members with special needs, reduce estate taxes for larger estates, and maintain privacy that a probate proceeding would not allow. When to Review Your Plan Life changes should prompt estate plan reviews. Marriage, divorce, the birth of children, significant changes in assets or residence, and changes in tax law all warrant examination of existing documents to ensure they still accomplish your objectives. We recommend reviewing estate plans at least every three to five years, even in the absence of major life changes, to ensure documents remain current with changing laws and family circumstances.