Estate Planning Basics: 6 Documents Every Adult Should Have in 2026

Estate planning is the act of deciding what happens to you and your assets if you become incapacitated or pass away. It is one of the most commonly postponed financial tasks — and one of the most consequential for the people you love.

A will directs the distribution of your assets and names a guardian for minor children. Without one, state law decides, and the result rarely matches what you would have wanted.

A revocable living trust allows your assets to pass outside of probate, which saves time, money, and privacy. It also provides for management of your affairs if you become unable to manage them yourself.

A durable power of attorney names someone to handle your financial affairs if you cannot. Without it, your family may need a court proceeding to access your accounts to pay your bills.

A healthcare power of attorney and a living directive (advance directive) communicate your medical wishes and name someone to make decisions for you. These documents prevent anguish and conflict during a crisis.

A beneficiary designation review is the most overlooked step. Retirement accounts, life insurance, and payable-on-death accounts pass by beneficiary designation, not by your will — so outdated or missing beneficiaries override your estate plan entirely.

Estate planning is not a one-time event. Review these documents every few years and after every major life change: marriage, divorce, birth, death, or a significant change in assets.