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Phone support, online features, and other services vary and are subject to change. 14,500 participating financial institutions as of October 1, 2018.

Thats why everyonenot just the wealthy needs to have a solid plan in place.

An estate plan can include anything from personal belongings such as clothes and jewelry, to cars and houses, to retirement accounts and life insurance policies.

Its also the document in which you name a guardian for your minor children if the unthinkable happens and youre not there to raise them yourself.

This is especially true for unmarried couples and blended families.

Although probate is a common legal process, its infamous for being time-consuming and expensive.

Its also public. When you create a revocable living trust, you can bypass probate altogether.

After you move your assets into it, things pretty much proceed as normal.

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Although the trust is the legal owner of your bounty, if its a revocable living trust, the trustee (typically you) still calls all the money-management shots, and the beneficiary (you again) is free to live off the trusts largesse.

Instead, management of your trust will be passed on to your designated successor trustee, who will look after the trust and distribute your assets to your beneficiaries according to your wishes.

Did you know that the beneficiary forms for your IRAs, 401(k) plans and other retirement accounts override your will Its an important element of estate planning that many individuals new to the estate-planning process initially overlook.

Your assets will still be distributed according to the directions in your will, but on less favorable tax terms.

In addition, any beneficiary who inherits your retirement account under your will must empty and pay taxes on a timelinesometimes within five years of your death.

However, a designated beneficiary on your retirement accounts has all the time they wish to make use of their inheritance.

A power of attorney is a legal document authorizing a trusted representative to act on your behalf when youre unable to do so.

It differs from a healthcare power of attorney in that it specifies what you would like to happen if youre unable to act, not who is authorized to make medical decisions on your behalf.

When planning an estate, some individuals choose to combine a living will with a healthcare power of attorney into one document, known as an advance healthcare directive.

Use it to convey your wishes for things you hope will be done, says Marilyn Lewis, a contributing editor for MoneyTalkNews.

For example, you may have detailed instructions about how you want your funeral or memorial service to be performed.

The cost of a lawyer will depend on a number of factors, including state and local business practices and the experience level of your attorneyespecially if you choose someone who specializes in estate planning.

According to lawyer and estate planning expert Mary Rudolph, the flat fee for a simple, bares bones will can run as low as 300, but a price tag of around 1,000 is more common these days.

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However, if your lifestyle is fairly minimal and your estate is uncomplicated, you may want to consider using estate planning software such as Quicken WillMaker, which will run you about 80 (bonus: the publisher of WillMaker, Nolo, offers a directory of lawyers that users can hire to review their wills if theyd still prefer to have a legal expert weigh in.).

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Unless you want a stranger deciding how to manage your health and your assets, its important to put an estate plan in place before you need one.

Even if youre in great health, you never know what unforeseen circumstances will ariseand you dont want your beneficiaries left holding the proverbial bag if you pass on or become incapacitated unexpectedly.

A little planning now can make all the difference for your loved ones financial future.

Phone support, online features, and other services vary and are subject to change.

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