🧠 Estate Planning 101: What It Is and Why Everyone Needs It

When most people hear "estate planning," they think it’s only for the wealthy or the elderly. The truth? Estate planning is for everyone.

Whether you’re a young professional, a parent with minor children, a physician with a growing practice, or someone approaching retirement, having a proper estate plan is one of the most important legal steps you can take to protect your family, your assets, and your wishes.

This guide covers the basics of estate planning—what it is, why it matters, and what documents you actually need.

What Is Estate Planning?

Estate planning is the legal process of organizing how your assets will be managed, protected, and distributed if you become incapacitated or pass away. But it’s more than just writing a will—it’s about making sure your healthcare, finances, and family are protected no matter what happens.

An estate plan typically includes:

• A will

• Possibly one or more trusts

• A power of attorney

• A healthcare directive

• Beneficiary designations (like for life insurance and retirement accounts)

Why Everyone Needs an Estate Plan

You don’t need to be wealthy to need a plan. Here's why:

1. You Get to Decide What Happens

• Without a will or trust, your state’s intestacy laws decide who gets your property—and it may not align with your wishes.

2. You Protect Your Children

• If you have minor kids, you need to name a guardian. Otherwise, a court will decide who raises them.

3. You Avoid Family Conflict

• Clear instructions reduce the risk of disputes and confusion among loved ones.

4. You Can Reduce Legal Costs and Delays

• Proper estate planning helps your family avoid probate, which is often slow, public, and expensive.

5. You Plan for Incapacity

• A power of attorney and healthcare directive ensure someone you trust can manage your affairs if you're ever unable to do so yourself.

Key Estate Planning Documents (And What They Do)

1. Last Will and Testament

Specifies:

• Who inherits your property

• Who will serve as guardian for your children

• Who will manage your estate (your executor)

Note: A will alone does not avoid probate.

2. Revocable Living Trust

Used to:

• Hold title to assets during your lifetime

• Avoid probate

• Manage property in the event of incapacity

Trusts can also provide tax benefits and protect privacy.

3. Durable Power of Attorney

• Authorizes someone to handle your financial and legal affairs if you become incapacitated.

4. Advance Healthcare Directive

• Outlines your preferences for medical treatment and allows you to appoint a healthcare proxy.

5. Beneficiary Designations

Applies to:

• Life insurance

• Retirement accounts (e.g., 401(k), IRA)

• Payable-on-death bank accounts

These override your will, so it’s important to keep them updated.

🛡️ What Happens If You Die Without an Estate Plan?

If you pass away without a will (“intestate”):

• The court appoints someone to manage your estate

• State law determines who inherits your property

• If you have children, a judge decides who raises them

Bottom line: You lose control, and your loved ones face more stress, delay, and cost.

🧠 Final Thoughts

Estate planning isn’t just about death—it’s about control, protection, and peace of mind during life and beyond. Whether you’re just starting out or looking to update an old plan, working with an estate planning attorney ensures your documents are legally sound and aligned with your goals.

Need help creating or reviewing your estate plan? Let’s protect what matters—before you need it.

Hurley Law Group
Estate Planning for Modern Families, Professionals & Business Owners
📞 308-383-1867
🌐 hurleylawgroup.com
✉️ eric@hurleylawgroup.com