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Estate Planning Basics: Wills, Trusts & Beneficiaries
Essential estate planning documents every adult needs — will, beneficiary designations, power of attorney.
July 9, 20267 min readBy MyWealthForge
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Key Takeaways
- 1Everyone 18+ needs a will and updated beneficiaries.
- 2Beneficiary designations override your will on 401(k) and IRA.
- 3Revocable living trust avoids probate in some states.
- 4Review estate plan after marriage, children, or major assets.
Estate planning is not just for the wealthy — without a will, state law decides who gets your assets and who raises your children.
Life insurance is part of the plan — how much you need.
Essential Documents
Will: names guardian, distributes assets. Beneficiary forms: 401(k), IRA, life insurance. Healthcare directive. Financial POA.
Trust vs Will
Trust avoids probate, adds privacy, manages assets if incapacitated. Will is simpler and cheaper for modest estates.
See power of attorney.
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