Do I need an estate plan?
Estate planning
Most adults benefit from at least basic documents, a will, durable power of attorney, healthcare directive, and beneficiary designations, and high earners or parents often benefit from a revocable trust as well.
The basics
Will, durable power of attorney, healthcare directive, HIPAA authorization, and current beneficiary designations on retirement accounts and life insurance form the minimum baseline for most adults.
When a trust helps
Revocable trusts can help avoid probate, manage privacy, and coordinate assets across states. They're often useful for parents of minor children and for families with real estate in multiple states.
What people overlook
Beneficiary designations override the will. Old retirement accounts, ex-spouses, and forgotten policies cause more issues than missing documents do.
What people often get wrong
- Letting beneficiaries go un-updated for years
- Assuming estate plans are only for older or wealthier people
- Drafting documents without updating titling and beneficiaries to match
What to think about next
- Inventory current documents and identify gaps.
- Update all beneficiary designations.
- Engage an estate attorney for documents appropriate to your situation.
When to consider working with a CFP®
Working with a CFP® can help when these decisions feel intertwined, taxes, investments, cash flow, and life goals tend to move together, and a planning relationship can offer structure, prioritization, and accountability over time.
Frequently Asked Questions
Are online wills enough?
They can cover basic situations. Anything involving trusts, blended families, business interests, or multi-state assets usually warrants an attorney.
Talk to a CFP® who works with high earners.
Connect with a CFP® to help you navigate this decision and build a comprehensive financial strategy.
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