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An estate plan outlines an individual's wishes regarding their assets and vital life decisions after they pass. It contains documents establishing an asset distribution plan for money in bank accounts, real estate, collectible items, and stocks. Estate plans include several elements, such as a will.

Wills name the beneficiaries who will receive specific assets, while trusts designate an individual to allocate assets. Both documents may also explain the creator's child custody decisions and other miscellaneous desires.

Powers of attorney are legal documents in an estate plan encompassing decision-making abilities. Each document designates at least one individual who can make certain kinds of decisions if the individual becomes severely ill, injured, incapacitated, or passes away. A medical power of attorney oversees the individual's healthcare, including a DNR or do-not-resuscitate order. In contrast, a durable power of attorney makes financial decisions, like paying bills or signing documents on the creator's behalf.

Whether an estate plan is valid depends on the laws of its jurisdiction. In the United States, federal and state laws may differ regarding the level of detail or medium used to document the will or trust. In some states, a handwritten will may not suffice, and blank sections of a will may imply that the individual wanted to leave the specified asset to the state.

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When a person dies without a will, it is upon the probate court to distribute their assets to their heirs. The court will first appoint an administrator to take inventory of the deceased person's assets, pay off outstanding debts, and distribute whatever is left to beneficiaries. Beneficiaries must prove that they are related to the deceased.

However, not all of the deceased's assets are subject to the probate process. Some assets do not go to probate. They include property held jointly (in joint tenancy) and property in trusts with a named beneficiary.

Property such as land, houses, and investment accounts that a person owns in joint tenancy with others do not go to probate when they die. Instead, the deceased's share of the property transfers to the surviving co-owners.

Property that a deceased person held in trust also does not go to probate when they die. Instead, they transfer directly to the beneficiary named in the trust documents.

Besides trusts, there are other assets that require owners to name a beneficiary when creating them. They include retirement accounts, life insurance policies, and financial accounts that are payable on death (POD). When the person who opened them dies, ownership moves straight to the beneficiary.

Assets that go to probate (probate assets) are mostly those that the deceased owned individually, with no named beneficiary. This includes businesses, land, homes, stocks, cash in a bank account, jewelry, electronics, and collectibles like art. Notably, if a person owned real estate as tenants in common with others (not joint tenants), then their share of that property is subject to the probate process when they die.

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A last will and testament is a crucial piece of an individual’s estate plan. This legal document outlines various desires and plans for a person’s assets following their death, particularly in regard to their dependents and charitable interests. Basic components of a will include how to distribute possessions and how to manage various things the person had been responsible for, such as financial interests or custody of a dependent. In most cases, a last will and testament is a standard document, although emerging trends in certain territories now include holographic wills.

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A last will and testament is a crucial piece of an individual's estate plan. This legal document outlines various desires and plans for a person's assets following their death, particularly in regard to their dependents and charitable interests. Basic components of a will include how to distribute possessions and how to manage various things the person had been responsible for, such as financial interests or custody of a dependent. In most cases, a last will and testament is a standard document, although emerging trends in certain territories now include holographic wills.

While death can be a very sensitive subject, people should begin thinking about their last will and testament and other aspects of estate planning as soon as possible. To start, they should consider who they would like to name as the executor of their estate. This person is tasked with carrying out the requests described in the will to the best of their abilities.

Estate plans do not always consist solely of a will. Other aspects include setting up trusts and the designation of power of attorney and health care proxies. That said, while life insurance policies, qualified retirement plans, and various assets not designated by a beneficiary can be exempt from a last will and testament, a will is considered the single most important component of an estate plan.

Of course, understanding the purpose of an estate plan and what should and should not be included in a will is useless if a person does not know how to legally formalize their estate plan. To this end, people should consult with experienced attorneys. It is not uncommon for attorneys to function as executors. While specific requirements vary from state to state, many locations require a person to sign their will into existence in the presence of at least two non-familial individuals over the age of 18.

Individuals who pass without a will (or without completing a will that can be recognized by a court) leave their estates to the whims of a probate court. The realities of this scenario should be readily apparent to any parent or guardian. Without naming a family member or friend to watch after children in the event of parent's death, the decision is left to a court consisting of individuals who do not know the child or the nature of their relationship with other members of the family. While courts will attempt to do their best on behalf of children, this is a decision best left to those who know and care for the children.

While the welfare of a child may be one of the most pressing issue linked to probate court, it is hardly the only matter people should be aware of while composing their last will and testament. In some states an estate enters into probate court as a matter of fact, while other states only initiate probate processes if the decedent has no will or the will in place is contested, such as a beneficiary claiming the decedent was not of sound mind when signing the document.

If a will is not present or recognized as valid by the court, probate officials will use standard laws to distribute assets among beneficiaries. Again, these processes should encourage a person to start managing their estate. Consider the case of a long-term boyfriend or girlfriend. In many jurisdictions, such a relationship holds little to no legal bearing. This individual would be unlikely to receive any support through probate processes, as laws often define dependents as spouses, children, and other immediate relatives.

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A last will and testament is a crucial piece of an individual's estate plan. This legal document outlines various desires and plans for a person's assets following their death, particularly in regard to their dependents and charitable interests.