As a retired financial planner who spent nearly three decades helping families navigate inheritance laws, probate nightmares, and wealth‑transfer planning, I’ve seen one truth play out over and over:
Estate planning isn’t about death. it’s about control, clarity, and protecting the people you love from unnecessary cost, conflict, and court involvement.
Most Americans think they’re “too young,” “too busy,” or “too overwhelmed” to start. But the data, and what I watched happen to real families, shows the opposite.
- Only 24% of U.S. adults have a legally valid last will and testament as of 2025.
- 55% have zero estate documents of any kind.
- Probate delays can freeze assets for 6–24 months.
- Probate costs can consume 3%–7% of an estate’s value.
These are not abstract percentages, they translate into:
- A spouse who can’t access a joint checking account for months.
- Adult children fighting over a home because titles were incorrect.
- Tens of thousands of dollars lost to probate that could have gone to heirs.
This guide gives you the actionable, micro‑specific roadmap that most estate planning articles leave out — grounded in real cases I encountered in practice.
💡 Avoid Costly Estate Mistakes
Weekly expert insights — straight from 30+ years of planning experience.
- → Estate planning guidance you can act on
- → Probate avoidance strategies that save time & money
- → Practical tips for wills, trusts, and legacy protection
What The Experts Advise:
- Allison L. Harrison, Esq. from ALH Law Group explains that a valid will requires the testator to be over 18, of sound mind, and the will should be signed and witnessed by two uninterested parties.
- She also emphasizes the importance of including a detailed list of assets in the will, as it makes the executor’s job much easier.
- Additionally, she suggests considering transfer on death designations to avoid probate.
- Mary Kate D’Souza, the Chief Legal Officer at Gentreo, highlights the significance of having a will to ensure assets are distributed according to the testator’s wishes.
- She explains that a will should include a revocation clause if prior wills have been executed, a residuary clause, nominations for guardians and personal representatives, and a clause stating the powers of the executor or trustee if a testamentary trust is included.
- D’Souza also emphasizes the importance of creating a will and recommends utilizing online providers such as gentreeo.com for ease and affordability.
- Travis Christiansen, an attorney with over two decades of experience in estate planning, advises that a will should include the testator’s full name, state of residence, a statement about sound mind, the date of writing, clear details about assets and beneficiaries, and a dated signature.
- He also stresses the importance of informing someone about the will and making it easily accessible when the time comes.
Key Takeaways Ahead
What Is Estate Planning?
Estate planning is the coordinated legal and financial process of documenting how your assets, children, business interests, digital accounts, and medical decisions should be managed if you die or become incapacitated.
It includes:
- Last Will and Testament — directs probate assets.
- Revocable Living Trust — owns property to bypass probate.
- Durable Power of Attorney — financial authority during incapacity.
- Advance Healthcare Directive / Living Will — medical wishes.
- Beneficiary Designations — non‑probate transfers for IRAs, 401(k)s, life insurance.
- Transfer‑on‑Death (TOD) & Payable‑on‑Death (POD) registrations — direct ownership transfers.
- Digital Asset Inventory — crypto keys, online accounts, photo libraries.
Estate planning is not “just having a will.” A will may require probate, while accounts with beneficiaries bypass the court entirely. Knowing which assets fall into which category is the foundation of proper planning.
What a Will Actually Does, and Doesn’t Do
A valid will:
- Identifies your beneficiaries.
- Names your executor.
- Distributes personal property.
- Assigns guardians for minor children.
A will does NOT:
- Transfer retirement accounts (beneficiary forms control that).
- Move real estate outside probate.
- Override TOD/POD designations.
- Avoid the probate court.
During my planning career, nearly every family assumed a will “handled everything.” In practice, wills only govern probate assets… and if your asset titles or beneficiaries are wrong, the will becomes a backup plan, not the controlling document.
The Probate Process: What Actually Happens
When someone dies, probate activates if assets are titled only in their name with no transfer mechanism.
Step‑by‑Step Probate (with Plain‑Language Interpretation)
1. File the Will / Petition for Probate
Someone must bring the original will to court. If there is no will, intestacy rules take over.
2. Court Appoints an Executor or Personal Representative
This person becomes legally responsible for collecting assets, paying debts, and reporting to the court.
3. Court Issues Letters Testamentary / Letters of Administration
Financial institutions will not release funds without these documents.
4. Public Notice to Creditors
The estate must notify known and unknown creditors, often through newspaper publication, and wait for claims.
5. Asset Inventory & Valuation
Executor documents bank balances, investment holdings, property deeds, vehicles, business interests.
6. Pay Debts, Taxes, Final Bills
This includes medical bills, credit card balances, IRS taxes, funeral expenses.
7. Distribute What’s Left to Heirs
Only after the court approves the accounting.
In real client cases, this sequence took 8–12 months for simple estates and 18–30 months when disputes or title issues occurred.
⚠️ Critical: Why Most Wills Fail
According to probate attorneys, these 5 mistakes invalidate thousands of wills each year:
- Missing witnesses – Most states require 2 unrelated witnesses present during signing
- Outdated beneficiary designations – Retirement accounts and life insurance bypass your will
- No digital asset provisions – Cryptocurrency, online accounts, and digital photos need explicit instructions
- Vague asset descriptions – “My jewelry” causes fights; “My grandmother’s diamond ring, appraised 2025” prevents them
- DIY wills for complex estates – Property trusts, blended families, and business ownership require attorney review
Pro tip: Review your will every 3-5 years or after major life events (marriage, divorce, births, asset changes).
Wills vs. Trusts
Wills and revocable living trusts serve very different roles in estate planning, especially when probate avoidance, privacy, and incapacity planning matter. The comparison below highlights how each tool functions in practice, making it easier to see why many families use both—and why relying on a will alone often creates unnecessary court involvement and delays.
| Feature | Will | Revocable Living Trust |
|---|---|---|
| Governs probate assets | ✔️ Yes | Limited to assets not titled in trust |
| Avoids probate | ❌ No | ✔️ Yes |
| Controls timing (e.g., staggered inheritance) | ❌ No | ✔️ Yes |
| Effective during incapacity | ❌ No | ✔️ Yes (via successor trustee) |
| Privacy | ❌ Public record | ✔️ Private document |
Key takeaway: A will controls who inherits, but a trust controls how, when, and whether the court gets involved. Reviewing how your assets are titled is the fastest way to see which tool you actually need.
When I recommended trusts:
- Clients owned real property in multiple states.
- Blended families where asset control was sensitive.
- High‑value estates with potential creditor exposure.
- Situations where beneficiaries were minors or financially inexperienced.
For most families with a home, a trust saved heirs thousands in probate fees and months of waiting.
Read more: What Is a Trust? Benefits & Types
The Most Common Mistakes I Saw (Real Cases)
Across hundreds of estate reviews, these three errors triggered 80% of probate complications:
Estate planning mistakes can derail even the most thoughtful intentions, leading to contested wills, unintended tax consequences, or assets distributed against your wishes. The five most common will-related errors listed below account for the majority of probate complications and family disputes—yet each is entirely preventable with proper planning and periodic review. Understanding these pitfalls now can save your beneficiaries significant time, expense, and emotional strain later.
| Mistake | How to Avoid |
|---|---|
| Not executing your will properly | Follow the legal requirements for signing and witnessing |
| Not updating your will | Regularly review and update your will |
| Forgetting about your non-probate assets | Review and update beneficiary designations separately |
| Not including instructions for digital assets in your will | Specify management or transfer of digital assets |
| Not having a will at all | Create a will to ensure desired asset distribution |
Set a recurring annual reminder to review your will, especially after major life events like marriage, divorce, childbirth, or significant asset changes. Non-probate assets like retirement accounts and life insurance policies pass directly to named beneficiaries and override your will, so verify those designations match your current intentions at least once per year.
1️⃣ Outdated or Missing Beneficiary Designations
Beneficiary forms override wills 100% of the time.
Real example from my practice:
- A divorced client’s ex‑spouse inherited a $220,000 life insurance payout because the form was never updated.
2️⃣ Unfunded Living Trusts
Clients paid attorneys to draft trusts but never retitled their assets.
- One family had a $600,000 home still titled individually, it went through full probate despite having a trust.
3️⃣ Sole‑Name Property Titles
If property is titled only in one name with no JTWROS (joint tenants with right of survivorship), TOD deed, or trust, probate is guaranteed.
Learn more: Common Estate Planning Mistakes
What Happens If You Don’t Make a Will or Plan
Without a valid will or beneficiary strategy:
- State intestacy law decides who inherits.
- A judge, not you, selects guardians for minor children.
- Heirs may lose 10%+ of inherited value to avoidable probate costs.
- Disputes among family members escalate, especially in blended families.
- Retirement accounts may go to unintended beneficiaries.
For retirees, lack of planning often collided with long‑term care costs, Medicaid eligibility, or tax consequences heirs never expected.
Read more: Transfer of Property After Death Without a Will
💡 Avoid Costly Estate Mistakes
Weekly expert insights — straight from 30+ years of planning experience.
- → Estate planning guidance you can act on
- → Probate avoidance strategies that save time & money
- → Practical tips for wills, trusts, and legacy protection
Essential Components of a 2026‑Ready Will
A will should include your full name, your state of residence, that you are of sound mind, the date it is written, and that it replaces any previous wills, clear details about your assets and who is inheriting them, and a dated signature.
– attorney Travis Christiansen
A legally enforceable will must include:
- Full legal name & domicile state
- Statement of testamentary capacity (sound mind)
- Executor and backup executor
- Beneficiary list with specific bequests
- Guardian designations for minors
- Residuary clause
- Proper witness signatures (varies by state)
- Self‑proving affidavit if allowed
Learn more: Self-Proving Will Explained
Asset Types: Probate vs. Non‑Probate
Not understanding what assets are part of your probate estate. Learn more here to find out if you need an estate plan or not. If you have a retirement account with a living beneficiary, it will not go through probate – it will pass outside of probate… I see issues when people attempt to give 20% of their 401k to Sussie and 60% to Mark, and 20% to Olivia when they have on file with the 401k provider that 100% of the account goes to Mark.
– Allison L. Harrison, Esq. (ALH Law Group)
Probate Assets (must go through the court)
- Sole‑titled real estate
- Personal vehicles
- Bank accounts with no POD
- Brokerage accounts with no TOD
Non‑Probate Assets (bypass court entirely)
- IRAs and 401(k)s (beneficiary forms)
- Life insurance proceeds
- Trust‑titled assets
- TOD/POD accounts
More here: Is an Inheritance Taxable? (And How Probate Affects It)
Your Complete Probate‑Proofing Checklist
- ✔️ Name/confirm POD and TOD beneficiaries on all accounts
- ✔️ Create AND fund a living trust
- ✔️ Update property deeds with JTWROS or TOD where applicable
- ✔️ Update will every 3–5 years or after life events
- ✔️ Create durable powers of attorney
- ✔️ Add advance healthcare directive
- ✔️ Document digital assets and access credentials
Download the full tool: Estate Planning Checklist (PDF)
Estate planning involves more than drafting a will—it requires strategic coordination of legal instruments, tax strategies, and financial protections to ensure your assets transfer efficiently and your wishes are honored. The table below outlines seven essential estate planning components that every comprehensive plan should address, from foundational documents like wills and powers of attorney to advanced wealth preservation tools like dynasty trusts and revocable trusts.
| Factor | Description |
|---|---|
| Last Will and Testament | The foundation of estate planning, a will outlines how your assets and property should be distributed upon your death. It allows you to specify beneficiaries and address specific wishes. |
| Estate Tax Exemptions | Understanding estate tax exemptions is crucial for effective planning. By taking advantage of available exemptions, you can minimize potential tax liabilities for your beneficiaries. |
| Life Insurance | Life insurance can provide financial security for your loved ones after your passing. Consider the amount of coverage needed to protect your beneficiaries and integrate it into your estate plan. |
| Dynasty Trusts | A dynasty trust is designed to provide long-term wealth management for future generations. By establishing this type of trust, you can preserve and protect your assets for your family’s future needs. |
| Retirement Savings | Properly planning for the distribution of your retirement savings is essential. Consider beneficiary designations, tax implications, and any applicable regulations to ensure a smooth transition of these assets. |
| Revocable Trusts | A revocable trust allows you to maintain control over your assets during your lifetime while specifying how they should be managed and distributed after your death. This can help avoid probate and provide flexibility in managing your estate. |
| Power of Attorney | Granting a power of attorney allows someone you trust to make financial or healthcare decisions on your behalf in the event you become incapacitated. |
Each of these seven factors plays a critical role in protecting your legacy and providing clarity for your loved ones. Review your current estate plan annually to ensure these elements remain aligned with your financial situation, family structure, and tax law changes.
Unlocking Convenience: Top Online Will Makers & Do-It-Yourself Wills of 2026
- Nolo’s Quicken WillMaker & Trust: Considered the best overall, this online will maker offers comprehensive features and a user-friendly interface, ensuring a seamless experience.
- Rocket Lawyer: Need flexibility to make changes? Rocket Lawyer offers an online will maker that enables you to update and modify your will as circumstances evolve.
- US Legal Wills: For those seeking value, this platform stands out with its affordable pricing and a range of customizable options to meet your specific needs.
- Trust & Will: If ease of use is your priority, Trust & Will provides a streamlined process, guiding you through the creation of your will with simplicity and clarity.
- TotalLegal: When it comes to a comprehensive estate plan, TotalLegal offers a holistic approach, empowering you to cover all aspects of your estate planning needs.
- Do Your Own Will: For those on a budget, this platform offers a free option, allowing you to create a basic will at no cost, making it an accessible choice for many.
Frequently Asked Questions about Wills and Estate Planning
Can I write a will for free?
While it is possible to find free templates or resources online to draft a basic will, it is highly recommended to consult with an attorney experienced in estate planning, especially when dealing with complex estates, property trusts, or specific provisions to ensure your will accurately reflects your wishes and complies with relevant laws and regulations.
Can I write a will by myself?
Yes, you have the right to write your own will, but it’s important to approach this task with caution. Consulting with an attorney experienced in estate planning is advisable to ensure your will accurately addresses the key components such as estate representatives, property trusts, decedent property, and adheres to applicable laws and regulations.
What Happens if You Die Without a Will?
If you die without a valid will in place, your assets and property will be distributed according to the state’s laws. This process is known as intestacy.
What is the Difference Between a Will and a Trust?
A will is a legal document that outlines how your assets and property should be distributed upon your death, while a trust is a legal arrangement that allows you to transfer assets to a trustee to manage for the benefit of your beneficiaries.
Can You Make an Online Will?
Yes, it is possible to create a legal will online. However, it is important to make sure that the will is valid and notarized to avoid any legal disputes.
Final Thoughts from 30 Years in Financial Planning
In every estate I reviewed, hundreds over three decades, the families who fared best financially and emotionally were the ones who:
- Planned early
- Updated regularly
- Coordinated beneficiaries, wills, and trusts
- Communicated their intentions clearly
The families who did not plan paid the price in time, money, stress, and conflict.
Estate planning is the last gift you give your loved ones — make it a clean and generous one.
- Sharing the article with your friends on social media – and like and follow us there as well.
- Sign up for the FREE personal finance newsletter, and never miss anything again.
- Take a look around the site for other articles that you may enjoy.
Note: The content provided in this article is for informational purposes only and should not be considered as financial or legal advice. Consult with a professional advisor or accountant for personalized guidance.
