05/14/2026
Great advice for estate planning. Take a look.
Synthesized fresh caption for estate planning checklist
🧱 Beneficiary designations override your will. If your 401(k) still lists an ex-spouse, they receive that money regardless of what the will says. Retirement accounts, life insurance, and annuities pass directly to whoever is named — the will does not apply.
A TOD (Transfer on Death) or POD (Payable on Death) designation on a bank or brokerage account works the same way. You can often add one directly at your financial institution, though state rules and account types vary.
Power of attorney documents are as important as the will itself. A healthcare POA names someone to make medical decisions if you cannot speak for yourself. A financial POA gives someone authority to manage your accounts and bills. Without these, your family may need court approval before they can act on your behalf — even in an emergency.
A living will is separate from a healthcare POA. The POA names a person; the living will documents your actual wishes for end-of-life care. Both are needed.
A trust is worth considering when you have minor children, own real estate in multiple states, want to control how and when assets are distributed, or want to keep your estate out of the public probate record.
The letter of instruction has no legal weight but may be the most practical document you leave behind. It tells your family where accounts are held, what passwords exist, and what your wishes are for things a will does not address.
Review everything every few years — and always after a marriage, divorce, birth, death, or major change in assets.
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