Estate Planning FAQ

Yes. Every adult should have a will. Without one, state intestacy laws decide who inherits your assets — and a court decides who raises your children.

A simple will costs $200-$1,000 through an attorney, or $89-$249 through an online service like LegalZoom or Trust & Will. Some states offer free statutory will forms.

Yes, but it must meet your state's legal requirements (witnessed, sometimes notarized). A handwritten (holographic) will is valid in about 25 states but can be harder to validate in probate.

Review annually and update after major life events: marriage, divorce, birth of a child, death of a beneficiary, significant asset changes, or moving to a new state.

In a fireproof safe at home, with your estate attorney, or filed with your county's probate clerk. Tell your executor exactly where it is. Document the location in your family ledger.

A trust is a legal arrangement where you (the grantor) transfer assets to a trustee who manages them for the benefit of your designated beneficiaries. Unlike a will, trusts avoid probate and can manage assets during incapacity.

A revocable trust can be changed or dissolved at any time during your lifetime. An irrevocable trust generally cannot be modified after creation, but offers tax benefits and asset protection from creditors.

Many people benefit from both. A revocable living trust handles major assets and avoids probate. A pour-over will catches anything not in the trust and names a guardian for minor children. A trust alone cannot name a guardian.

Probate is the court-supervised process of validating a will, paying the deceased's debts, and distributing remaining assets to heirs. It typically takes 6-24 months and costs 3-7% of the estate value.

The main methods are: (1) create a revocable living trust, (2) name beneficiaries on all accounts, (3) use joint ownership with right of survivorship, (4) use payable-on-death (POD) bank accounts, (5) use transfer-on-death (TOD) deeds for real estate.

No. Many states have simplified procedures for small estates (typically under $75,000-$150,000 depending on the state). Assets with named beneficiaries, joint accounts, and trust assets skip probate entirely.

A power of attorney (POA) is a legal document authorizing someone (your 'agent') to make financial or medical decisions on your behalf. A 'durable' POA stays active even if you become incapacitated.

A healthcare POA names a person to make medical decisions for you. A living will documents your specific wishes about treatments (life support, resuscitation, etc.). Ideally, you should have both.

Yes. All powers of attorney terminate at death. After death, the executor named in your will (or court-appointed administrator) takes over managing the estate.

A beneficiary designation is a form filed with a financial institution naming who should receive the account's assets upon your death. These designations override your will.

Life insurance, 401(k), IRA, Roth IRA, annuities, pension plans, and some bank and brokerage accounts. Each has its own beneficiary form — they're not controlled by your will.

The account typically goes through probate and is distributed according to the institution's default rules or your will. This delays transfer and may increase costs.

A common guideline is 10-12x your annual income. Consider: income replacement, mortgage payoff, children's education, outstanding debts, and funeral costs. Use an online calculator for a more precise estimate.

Term life covers you for a set period (10, 20, 30 years) and is much cheaper. Whole life covers you for life and builds cash value, but costs 5-15x more. Most financial advisors recommend term life for the majority of people.

At minimum: will, trust documents, life insurance policies, bank/investment account info, real estate deeds, vehicle titles, Social Security info, birth/marriage certificates, tax returns, and funeral wishes. See our complete list of 25 essential documents.

Originals: fireproof safe or safe deposit box. Copies: with your attorney, executor, or trusted family member. Digital copies: in a secure tool like MyLifeLedger that lets you share access with trusted people.

Each platform has different policies. Google, Apple, and Facebook offer legacy/memorialization options. Most accounts cannot be accessed without prior authorization. Document account access instructions and platform-specific legacy settings.

Yes, but it requires special planning. Private keys, seed phrases, and wallet access must be documented and stored securely. Without them, crypto assets can be permanently lost. Never put private keys in a will (it becomes public in probate).

Start with your own plan — 'I just did mine and realized how important it is.' Ask practical questions: 'If something happened, would we know where to find everything?' Keep it about logistics, not money.

Without a plan, pets may be surrendered to a shelter. Name a pet guardian in your will, document care instructions, and consider a pet trust. All 50 states now allow pet trusts.

Absolutely. Without a plan, your assets go to your parents, then siblings (per intestacy law). You still need a healthcare POA, an executor, and documentation of where everything is. Who feeds your pets? Who handles your apartment?

A basic will: $200-$1,000. A revocable trust: $1,500-$3,000. Healthcare directive: often free. POA: $100-$300. Full estate plan (will + trust + POA + healthcare directive): $2,000-$5,000 through an attorney.

You can create basic documents using online services ($89-$500). For complex situations (blended families, business ownership, high net worth, multi-state property), an attorney is strongly recommended.

MyLifeLedger is a digital family organizer that helps you document where all your important information is — bank accounts, insurance policies, legal documents, login credentials, and more — so your family can find everything if something happens to you.

No. MyLifeLedger documents WHERE everything is. A will determines WHO gets what. You need both. Think of MyLifeLedger as the roadmap your executor follows to find and distribute your assets.