Estate Planning for Your Family

Your estate includes everything you own when you pass—like property, bank accounts, cars, and valuables. An executor handles it after your death, following your will or trust. Without clear instructions, the state decides who gets what. Planning ahead ensures your wishes are honored and helps your loved ones.

Probate is the court’s way of making sure a will is valid and everything in the estate is handled properly. The person named as executor starts by letting the court know someone has passed, then works to verify the will and gather details about any assets, debts, and beneficiaries. It’s their job to follow the wishes in the will and take care of final matters. Depending on how complex things are, probate can take several months or even up to a year. It’s a detailed process, but it helps ensure everything is done right.

A living will, also known as a healthcare directive, lets you share your medical preferences in case you’re ever unable to speak for yourself due to illness or injury. It can outline the treatments you’d want—or prefer to avoid—if you become incapacitated. Unlike a last will, which takes effect after you pass, a living will is used while you’re still alive. It’s a powerful way to make sure your healthcare choices are respected, even if you can’t voice them yourself.

If you plan to leave assets to loved ones, it’s a good idea to consider inheritance tax. This tax isn’t on the whole estate, but rather on what each beneficiary receives—and it depends on where they live. Only six states currently have an inheritance tax, and there’s no federal one, so in most cases, your beneficiaries won’t owe anything. Still, it’s worth being aware so there are no surprises down the line.