Estate planning, from the beginning
Everything you own will go somewhere.The question is who decides.
A plan is a few documents that say who gets what, who is in charge, and who speaks for you if you can't. Without one, your state has a plan for you.
Where each thing you own goes
Not everything passes by your will. The lines show what decides each thing, and how that changes with a will or a living trust.
- Your willThrough probate court, with the executor you named in charge
- Beneficiary formPaid straight to the person named on the account or policy
- Surviving co-ownerJoint accounts and property with survivorship rights
- Your living trustYour trustee hands it on, usually without probate
A home titled in your name alone passes under your will, through probate court. How probate works
Do nothing, or plan
What changes with no plan, a will, or a will and a living trust. General rules; your state fills in the details.
| No planMost adults | Ein TestamentPlus powers of attorney | A will and a living trustCommon for homeowners | |
|---|---|---|---|
| Who decides who inherits | Your state's formula | You, in the will | You, in the trust and the will |
| Who is in charge after death | Someone the court appoints | The executor you named | The trustee you named, usually without the court |
| Who raises young children | A judge decides, without your input | A judge decides, guided by the guardian you nominated | A judge decides, guided by the guardian you nominated |
| If you can't manage your affairs | Family may need a court guardianship | Your agent acts under the power of attorney | Your successor trustee and your agent act, without the court |
| Court involvement at death | Probate, under state law | Probate, following your will | Usually none for assets in the trust |
| Datenschutz | Court records are public | Court records are public | Trust terms generally stay private |
| Retirement accounts, life insurance and joint accounts pass outside all three, by their own forms. State law varies. How the state's formula works | |||
Five documents cover most plans
Each one works at a different moment: now, if you can't manage, or at death.
Ein Testament
At deathWho inherits what you own in your own name, who settles your affairs, and who raises your children. It goes through probate court.
Beneficiary forms
At deathThe forms on retirement accounts, life insurance and many bank accounts. They pay the person named, and they override the will.
Financial power of attorney
If you can't manageSomeone you choose can pay bills, deal with banks and manage property if you can't. Without it, your family may need a court guardianship.
Health care directive
If you can't speakYour treatment wishes, and the person who speaks to doctors for you when you can't.
A living trust
Now and at deathOptional. Holds your assets during life and passes them on at death without probate. You stay in control and can change it anytime.
Start from where you are
The right plan depends on your family and what you own. Each situation is worked through from the first question to the documents that answer it.
- Single, with a homeA will, beneficiary forms and two powers of attorney cover most of it.
- A new childName a guardian and a trustee: they are different jobs.
- A second marriageProvide for your spouse and still decide who inherits in the end.
- Partners, not marriedNo default rights. The deed and the documents do all the work.
- RetiredSurvivor income, incapacity, and who is named on retirement accounts.
- An aging parentPut authority in place before it becomes urgent.
- A relative who receives benefitsAn inheritance can cost them SSI or Medicaid unless it's set up right.
- A businessWho runs it, who owns it, and how it's valued.
- Jemand ist gestorbenWhat to do in the first week, in order.
Then go deeper
Four subjects decide most of the details. Each has its own chapter, with 2026 figures and sources.
- Months
Nachlassverfahren
The court process that confirms a will and settles an estate. It commonly takes months, and a plan can keep most assets out of it.
How probate works - $15M
Estate tax
Federal estate tax starts above $15 million per person in 2026. Sixteen states and D.C. have their own, some from $1 million.
Where the lines fall - 31
Trusts
From the living trust most families use to charitable trusts. Each kind explained in plain words, with a worked example and the steps to set it up.
Trusts, explained - 50+DC
Your state
Where you live changes the rules: who inherits without a will, how probate runs, whether there is a state death tax.
Find your state