“You sure do like talking about death, Jill!” said one of my favorite producers. Unlike so many areas of our lives that are out of our control, planning for an event that has a 100 percent probability of occurring (our eventual demise) seems like a good task to tackle for all of us.
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Yet, according to a recent study from Caring.com, we have a lot of work to do. Only one in four Americans has a will and these numbers have gotten WORSE since 2022.
Incredibly, not even a global pandemic can motivate people into action. Adding to my distress level: The study found that Americans with children under 18 comprise the largest cohort of people without wills or other estate planning documents.
Even if you don’t have children or think that you don’t have enough money, don’t you want some say in your end-of-life health decisions? Or how some of your possessions, no matter what they are worth, should be distributed?
Importantly, if you die without a will, your state of residence determines who should get what and then the local Probate Court will take its time and then divvy up your estate according to a preset formula.
As we enter National Estate Planning Awareness Week, here’s my 2025 Estate Planning Cheat Sheet:
Will
A document that ensures that assets are passed to designated beneficiaries, in accordance with your wishes. In the drafting process, you name an executor, the person or institution that oversees the distribution of your assets. If you have minor children, you will also name a guardian.
Health care proxy
Appointment of someone to make health care decisions on your behalf if you lose the ability to do so.
Power of attorney
Appointment of someone to act as your agent in a variety of circumstances, like withdrawing money from a bank, responding to a tax inquiry, or making a trade.
Letter of instruction
This covers things like the disposition of your remains and your desired funeral arrangements, which can be important if you are choosing something that is contrary to your family’s tradition.
Contact information for executor
Include names, current addresses and Social Security numbers of all people named in the estate documents and contact information for your estate attorney and CPA.
Document list
Include all accounts, insurance policies, automatic pay accounts with payee information, housing, land and cemetery deeds, mortgage and loan accounts, vehicle titles, partnership and corporate operating agreements, marriage license, divorce papers, and military discharge information.
Utilize transfer on death accounts
Many financial institutions offer the ability to designate a beneficiary of non-retirement bank and investment accounts, which allows ownership of the account to be transferred to the designated beneficiary upon death and generally avoids probate.
Weigh the value of a trust
A trust comes in two forms, revocable (changeable) or irrevocable (not changeable). Trust assets avoid probate and can provide a more precise way in which to transfer assets. But, in some cases a trust can overly complicate the process and add to the cost of the estate plan.
Communicate the plan to heirs
Have these conversations while you still are able to do so.
Attorney vs. online?
I am partial to hiring a qualified estate attorney, especially if there are any complications, like a second marriage, family estrangement, a special needs family member, a partnership in a small business or significant assets.
A lot of companies now offer legal services as part of their benefits, so you may be able to defray some of the costs by electing to participate during open enrollment. If you have a straightforward situation, online is better than nothing.
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Jill Schlesinger, CFP, is a CBS News business analyst. A former options trader and CIO of an investment advisory firm, she welcomes comments and questions at [email protected]. Check her website at www.jillonmoney.com.
