04/02/2026
📋 Beneficiary designations on a 401(k), IRA, or life insurance policy override whatever your will says. If a former spouse is still named on the account, the money goes to them regardless of any other document you have.
A will names who gets what and who manages the process. A trust does the same but avoids probate and lets you control when distributions happen. These are different tools, and most families need both.
A financial power of attorney lets someone pay bills, file taxes, and manage accounts if you become incapacitated. A healthcare power of attorney lets someone make medical decisions. Without both, your family may need a court-appointed guardian to act on your behalf.
HIPAA authorization is the one most families forget. Without it, adult children and spouses may not be able to access medical information even in an emergency.
A letter of intent is not legally binding but serves as a guide for your executor or trustee. It covers things a will does not: who gets the family photos, how you want certain personal property handled, and any context behind your decisions.
The digital asset list is increasingly necessary. Email accounts, financial logins, subscriptions, cloud storage, and cryptocurrency wallets can be lost entirely if no one knows how to access them.
One limitation: a trust avoids probate and provides privacy, but it costs more to set up and requires retitling assets into the trust to be effective. A will alone may be sufficient for smaller estates with straightforward beneficiary designations.
