This comprehensive guide covers everything you need to know about estate planning—from definitions and legal documents to the role of attorneys, costs, and types of trusts.

Whether you’re just starting to think about a trust, will and other essential estate planning documents or looking for a unique individually tailored estate planning services, this page is designed to answer your key questions and help you make informed decisions about protecting your assets and your loved ones.

What is estate planning?

Estate planning is the legal process of organizing your assets and affairs to ensure they are managed and distributed according to your wishes in the event of incapacity or death. A solid estate plan can help you minimize taxes, avoid probate, protect your heirs, and designate guardians for minor children.

Estate planning definition

In legal terms, estate planning involves preparing a set of documents that direct how your real and personal property will be handled if you pass away or become unable to make decisions. These documents may include a last will and testament, trusts, powers of attorney, advance healthcare directives, and more.

Will and estate planning vs. trust and estate planning

When considering estate planning, it’s important to understand the differences between wills and trusts, as they serve different purposes.

Will estate planning

A will is a legal document that outlines your wishes regarding the distribution of your assets and the care of any minor children. Wills must go through probate, which is a court-supervised process.

Trust estate planning

A trust is a legal entity you create to hold and manage your assets. Trusts can help you avoid probate, maintain privacy, and provide ongoing financial support to beneficiaries.

Estate planning vs. will

While a will is one component of an estate plan, a complete estate plan goes beyond just a will. It may also include trusts, powers of attorney, healthcare directives, and other legal tools to manage your affairs both during your lifetime and after death.

Family estate planning: Why It matters

Family estate planning is essential for anyone who wants to protect their loved ones and reduce potential conflicts. With the right strategy in place, you can:

• Ensure your spouse and children are financially protected
• Minimize estate taxes and court costs
• Prevent disputes between family members
• Appoint guardians for minor children
• Designate who will manage your estate or make decisions if you’re incapacitated

Estate planning checklist

Here’s a quick estate planning checklist to help you get started:

1. Inventory your assets (real estate, investments, retirement accounts, personal property)
2. Choose your beneficiaries
3. Appoint an executor or trustee
4. Create a last will and testament
5. Set up one or more trusts if necessary
6. Prepare a durable power of attorney
7. Draft a healthcare proxy or living will
8. Consider long-term care or life insurance
9. Review and update your plan regularly
10. Hire an estate planning attorney

Essential estate planning documents

A well-rounded estate plan typically includes several legal documents. These may include:

• Last will and testament – Specifies how your assets should be distributed.
• Revocable living trust – Allows assets to bypass probate and be managed privately.
• Durable power of attorney – Appoints someone to manage your finances if you are incapacitated.
• Healthcare power of attorney – Appoints someone to make medical decisions on your behalf.
• HIPAA authorization – Gives access to your medical records to a chosen individual.
• Living will and a do not resuscitate document – Optional document expressing your final wishes not covered in legal documents.

Types of trusts for estate planning

There are many different types of trusts available, depending on your financial goals and family situation:

• Revocable living trust – Flexible and allows you to retain control during your lifetime.
• Irrevocable trust – Offers strong asset protection and tax advantages but cannot be changed once established. Used in Medicaid planning.
• Testamentary trust – Created within a will and activated after death.
• Special needs trust – Designed to provide for a disabled beneficiary without affecting their government benefits. Must be specially tailored and administered.
• Charitable trust – Enables you to donate assets to a charity in a tax-efficient way.
• Generation-skipping trust – Passes assets directly to grandchildren, avoiding double taxation.
• Land trust – Created to hold land, control the use of the land and who inherits it in the end.

Real estate and business planning in estate law

Real estate and business planning is a critical part of many estate plans. Whether you own rental properties, a family business, or commercial real estate, you’ll need to:

• Transfer ownership efficiently (using trusts or LLCs), life estates or TOD deeds
• Plan for succession if you become incapacitated
• Protect properties from creditors or legal disputes
• Reduce estate and capital gains tax exposure

Your estate planning attorney can help structure real estate and business holdings to align with your legacy goals.

How much does estate planning cost?

A well-crafted estate plan may seem expensive, but it can save your loved one’s time, stress, and significant legal expenses down the road.

Probate and Trust administration can cost many thousands of dollars. A good plan can avoid that and leave little question about your intent and desired goals of your estate plan.

What does an estate planning attorney do?

An estate planning lawyer helps you navigate complex legal and tax issues to create a plan that aligns with your goals. Their services include:

• Drafting wills, trusts, and legal directives
• Reducing estate tax exposure
• Avoiding probate
• Establishing guardianship for minors, incompetent adults or parties with special needs
• Managing business succession plans
• Updating plans based on life changes

When to hire an estate planning attorney

You should consider hiring an attorney for estate planning if:

• You have a blended family
• You own a business or real estate
• You have a high net worth
• You want to avoid probate
• You need help setting up a trust
• You have children with special needs
• You’re going through a divorce or remarriage

How to hire an estate planning attorney

Here are some tips for choosing the right estate planning law firm:

1. Look for specialization – Choose lawyers who focus specifically on estate and trust law.
2. Check credentials – Review bar certifications, client testimonials, and industry memberships.
3. Ask about fees – Confirm whether they offer flat rates or hourly billing.
4. Request a consultation – Many offer a free estate planning consultation.
5. Ensure alignment – Make sure the attorney understands your goals and explains things clearly.

Final thoughts

Estate planning is not just for the wealthy. It’s for anyone who wants to protect their family, avoid unnecessary court battles, and leave a clear legacy. Whether you need a simple will or a complex trust structure, the right plan can give you peace of mind today and security for your loved ones tomorrow.

Get expert help with your estate plan

Our experienced estate planning attorneys are here to help you navigate every aspect of your estate. Whether you’re just starting or need to revise an existing plan, we offer customized legal strategies tailored to your goals.

• Trusted Legal Advice
• Transparent Flat-Fee Pricing
• Virtual & In-Person Appointments

Book your free consultation now