Most people put off estate planning because it feels overwhelming — but the core documents are simpler than you think, and skipping them leaves your family with a mess. Here's exactly what you need to know to get started.
What Estate Planning Actually Covers
Estate planning is the process of deciding who gets your assets, who makes decisions if you're incapacitated, and how to minimize the hassle (and taxes) for the people you leave behind. It's not just for the wealthy. Anyone with a bank account, a home, children, or strong opinions about their own medical care needs a plan.
The three pillars are wills, trusts, and ancillary documents like powers of attorney and healthcare directives. Each does a different job.
Wills: The Foundation
A last will and testament names who inherits your property and, critically, who becomes guardian of your minor children. Without one, your state's intestacy laws decide — and they won't match your wishes as often as you'd hope.
Key facts about wills:
- They go through probate, the court-supervised process that validates the document and oversees distribution. Probate can take 6–18 months and typically costs 2–5% of the estate's value.
- A simple will drafted by an attorney costs roughly $300–$1,000 for individuals, or $500–$1,500 for couples. Online platforms run $100–$300 but offer less customization.
- Wills are public record once probated — anyone can request a copy.
- They do not control assets that have named beneficiaries (retirement accounts, life insurance) or jointly titled property.
Trusts: More Control, Less Court
A revocable living trust holds your assets during your lifetime and transfers them to beneficiaries after death — without probate. You remain the trustee and can change the trust at any time.
Why people choose a trust over a will alone:
- Probate avoidance: Assets in the trust transfer privately and quickly, often within weeks.
- Incapacity planning: If you become unable to manage your affairs, your named successor trustee steps in immediately — no court order needed.
- Multi-state property: Owning real estate in two states means two probates with only a will. A trust eliminates both.
- Privacy: Trust terms remain private, unlike a probated will.
A revocable living trust typically costs $1,500–$3,500 for a single person and $2,500–$5,000 for couples when prepared by an attorney. The trust only works if you fund it — meaning you retitle assets (home, bank accounts, investments) into the trust's name. Many people create a trust and forget this step, which defeats the purpose.
An irrevocable trust is a different tool, used for Medicaid planning, asset protection, or reducing estate taxes on larger estates (over the federal exemption, currently $13.61 million in 2024). These are more complex and require specialized attorneys.
The Documents People Forget
A will or trust handles what happens after death, but you also need documents for while you're alive and incapacitated:
- Durable Power of Attorney (POA): Authorizes someone to manage financial and legal matters on your behalf. Without one, your family may need a costly court conservatorship.
- Healthcare Proxy / Medical POA: Names someone to make medical decisions if you can't speak for yourself.
- Living Will / Advance Directive: Spells out your wishes on life support, resuscitation, and other end-of-life care — so your proxy isn't guessing under pressure.
- HIPAA Authorization: Allows your designated people to access your medical records.
These documents are often bundled into an estate plan package, and some states have specific format requirements, which is one reason DIY forms can fall short.
How to Choose the Right Professional
Your situation determines who you need:
- Simple estate (no real estate, no minor children, under $500K): An online platform or document preparer may suffice, but review with an attorney.
- Homeowners, parents, or blended families: Work with an estate planning attorney; expect to spend $1,500–$4,000 for a comprehensive plan.
- Complex estates, business ownership, or tax concerns: You need an estate planning attorney who coordinates with a CPA or financial advisor.
Ask any provider about their experience with your state's laws, how they handle trust funding, and whether they offer future updates as your life changes. Mercoly makes it straightforward to compare and connect with vetted estate planning attorneys and services all in one place, so you're not searching blind.
A Simple Starting Checklist
Before your first appointment, gather:
- A list of all assets and how they're titled
- Names and contact info for intended beneficiaries
- Your choice of executor, trustee, and guardians
- Any existing documents that need updating
Estate planning isn't a one-time task — revisit your plan after major life events like marriage, divorce, a new child, or a significant change in assets.
Start comparing estate planning professionals today and get your documents in place before you need them.