Last Updated: June 2026

What Is Estate Planning And Who Needs It: Complete June 2026 Guide

By Marcus Hale — 14 years self-educating in personal finance, former bank loan officer, Denver Colorado

The Short Answer

Estate planning is the process of deciding, in writing and with legal force, what happens to your money, property, and dependents when you die or become unable to make decisions for yourself. It is not just for the wealthy — if you own anything, owe anything, or love anyone, you likely need at least a basic estate plan. Most families can start with a simple will and a few key documents, then build from there as their financial life grows more complex. Want to see where your finances stand before you start?

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Who This Is For ✅

  • ✅ Adults with minor children who need to name a legal guardian in writing — because a court will make that decision for you if you don’t
  • ✅ Homeowners, vehicle owners, or anyone with retirement or bank accounts who hasn’t reviewed their beneficiary designations recently
  • ✅ Married or partnered adults who want to ensure their spouse or partner can access accounts and make medical decisions if something goes wrong
  • ✅ Anyone who has been putting off estate planning because it feels complicated, expensive, or “not necessary yet”

Who Should Skip This Guide ❌

  • ❌ Attorneys or CFPs looking for professional-level legal analysis — I’m a self-educated personal finance writer, not an estate attorney, and this guide is general education only
  • ❌ Anyone with a complex estate involving business succession, significant assets across multiple states, or international holdings — you need a licensed estate attorney, not a general guide
  • ❌ People specifically seeking individualized tax planning for estate or inheritance taxes — that requires a CPA or estate attorney familiar with your specific situation
  • ❌ Readers looking for investment recommendations to grow an estate — this guide covers planning and documentation, not investment strategy

How Marcus Evaluated These

I came at this the way I come at most things in personal finance — as someone who learned the hard way and then spent years reading everything he could find. I spent 14 years as a bank loan officer in Denver, where I watched families get blindsided by financial chaos after a death precisely because no planning had been done. I’ve seen probate drag on for years because someone didn’t have a simple will. I’ve seen spouses locked out of accounts because beneficiary designations were never set up. Those experiences shaped how I think about estate planning tools.

For this guide, I looked at the practical options regular families actually use — from basic DIY document platforms to working with an estate attorney — and evaluated them on cost, accessibility, what each one actually covers, and who each one genuinely makes sense for. I also factored in my own family situation: my wife and I have two kids in Denver, a mortgage, retirement accounts, and the kind of ordinary financial life where a basic estate plan is not optional, it’s just responsible. I did not receive compensation from any of the platforms mentioned here, and my ratings reflect what I’d actually tell a friend.

Quick Reference Breakdown

Option Best For Typical Cost What It Covers Marcus’s Rating
DIY Online Platform (e.g., Trust & Will) Simple estates, younger adults, budget-conscious families Generally $100–$200 one-time or annual subscription — verify current pricing directly Will, healthcare directive, power of attorney 3.5/5 — solid starting point but limited complexity
LegalZoom Estate Planning Adults who want guided document creation with optional attorney review Typically $100–$250+ depending on package — verify current pricing directly Will, living trust option, beneficiary designations 3.5/5 — widely available but customer service inconsistent
Local Estate Attorney Families with real property, minor children, blended families, or moderate complexity Generally $500–$2,500+ depending on region and scope — verify directly with local firms Full customized estate plan, trust drafting, legal advice 5/5 — highest quality, highest cost
Revocable Living Trust (attorney-drafted) Homeowners wanting to avoid probate, parents of minors Typically $1,500–$3,500+ — verify directly with local estate attorneys Avoids probate, names trustee, covers incapacity 4.5/5 — most complete protection for families
Free State Forms / Nolo Resources Adults who need a basic will with no complex assets Free to low cost Basic will, limited directives 2.5/5 — better than nothing, not better than paid options
Financial Institution Beneficiary Designation Review Every single adult — this is not optional Free Retirement accounts, life insurance, bank POD accounts 4/5 — often overlooked, high impact for zero cost

Rates and terms change frequently — verify directly with the institution or service provider.

Top Picks: Marcus’s Recommendations

Pick Why Marcus Recommends It Best For One Drawback
Local Estate Attorney Nothing else gives you a customized, legally reviewed plan tailored to your state’s laws and your actual family situation — this is what I’d do and what I’d tell my brother to do Families with children, real property, or any real financial complexity Cost can feel prohibitive — typically $1,000–$2,500+ for a complete plan in many markets
Revocable Living Trust (attorney-drafted) Historically the most effective tool for avoiding probate and protecting a surviving spouse’s access to assets — it does what a basic will often can’t Homeowners, parents of minor children, anyone with multiple accounts or property Requires ongoing maintenance — you must actually fund the trust by retitling assets or it provides little benefit
Beneficiary Designation Review (through your financial institution) Costs nothing, takes an hour, and is often worth more than any document — a correctly named beneficiary on a 401(k) or IRA generally passes outside of probate entirely Every adult with a retirement account, life insurance policy, or bank account Doesn’t replace a will or healthcare directive — it only covers accounts with named beneficiaries

Verify current availability and features directly with the provider, as financial products and services change frequently.

What Marcus Likes ✅

  • ✅ The range of options means most families can find a starting point that fits their budget — even a basic free will is genuinely better than nothing
  • ✅ Beneficiary designation reviews cost nothing and deliver immediate, high-impact protection for retirement accounts and life insurance, which often represent a family’s largest assets
  • ✅ Online platforms like Trust & Will and LegalZoom have made basic estate documents far more accessible than they were even ten years ago — the barrier to a simple will is lower than most people realize
  • ✅ A revocable living trust, when properly set up and funded, has historically been one of the most effective tools for avoiding the cost and delay of probate — particularly relevant for homeowners in states with complex probate processes
  • ✅ Estate attorneys in many mid-sized cities, including Denver, are often more affordable than people expect for a basic package — calling to ask for a fee estimate costs nothing

Where These Fall Short ❌

  • ❌ DIY online platforms work well for simple situations but generally cannot account for the specific laws of your state or the nuances of your family’s actual circumstances — what looks complete online may have gaps an attorney would catch
  • ❌ Many families create documents and then never fund a trust, update beneficiaries after life changes, or revisit the plan after having another child or moving states — a plan that isn’t maintained can fail at the moment it matters most
  • ❌ Free or very low-cost state form options are better than no plan, but they typically offer minimal guidance and no legal review — errors in a will can cause it to be contested or invalidated in probate court
  • ❌ No online platform or general guide, including this one, substitutes for legal advice — estate law varies significantly by state, and complex situations involving business ownership, significant assets, or blended families require a licensed estate attorney

How I Tested These

I evaluated these options by reviewing publicly available information about each platform’s features and pricing, cross-referencing guidance from the CFPB and state bar association resources, drawing on what I saw as a loan officer when estate planning had been done well versus poorly, and applying the practical lens of a regular Denver family — two kids, a mortgage, retirement accounts — trying to get this right without spending money we don’t have. I do not have a law degree. This is financial education, not legal advice.

Marcus’s Verdict

If you have minor children or own a home, my honest opinion is that the combination of a will, a durable power of attorney, a healthcare directive, and correctly named beneficiaries on every financial account is the baseline your family needs — and if you have moderate complexity, spending the money to work with a local estate attorney is likely the most important financial move you’ll make this year. I’m not saying that lightly. I’ve seen what happens to families when none of this is in place, and the chaos isn’t just financial.

If you’re earlier in your financial life and cost is a real constraint, starting with a reputable online platform and completing your beneficiary designations is a meaningful step forward. Just treat it as a starting point, not a finished plan. Estate laws change, your life changes, and your documents need to keep up. For anything involving a trust, significant assets, or a blended family, please consult a licensed estate attorney and, for tax implications, a CPA. This guide is education — your attorney makes it legal.

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