Estate Planning Basics

What it does

Answers three questions: (1) do you need a trust or is a will enough, (2) will your estate owe federal estate tax, (3) which accounts override your will via beneficiary designations and need to be checked separately. Outputs a personalized to-do checklist.

Who this helps

Anyone over 30 with assets, anyone with minor children, anyone with a blended family, anyone who owns real estate in more than one state. ~60% of US adults have no will at all — the cost of dying intestate is paid by your family in probate fees and court delays.

How to use it

1. Enter your estate size (everything: home equity, investments, retirement, life insurance death benefit, business interests).
2. Answer the situation questions — minor kids, multi-state property, blended family, etc.
3. Read the will-vs-trust verdict and the estate-tax exposure check.
4. Walk through the beneficiary audit checklist for retirement, life insurance, and TOD accounts.

What it doesn't do

Doesn't replace an attorney — state laws vary widely on probate thresholds, spousal elective share, and trust formalities. Doesn't model state estate/inheritance taxes (12 states + DC have them with thresholds as low as $1M). Doesn't address advanced strategies (ILITs, GRATs, charitable remainder trusts).