Estate planning isn’t just for people with big estates. A will not only spells out who gets what when you die, saving your family major headaches and potential court costs, but also helps to ensure your minor children are cared for properly. Without a will, a court could assign a guardian for them. If cost is an issue, look for attorneys who offer free consultations or consider using online planning resources.

In some cases, a will might not be enough. While the $2 million estate tax exemption means most people don’t need to worry about minimizing taxes, a trust can help with special situations, like providing for a child with special needs when you’re gone.

Who do you want to make your financial and healthcare decisions if you suddenly can’t? Make it legal by assigning them as your power of attorney agent. Once your kids turn 18, they should also authorize you as their healthcare power of attorney agent; otherwise, you might not be privy to details about their condition if they’re in an accident.

Start an “in-case-of-emergency” file with important personal and financial documents, like your Social Security number, legal name and residence, birth and marriage certificates, education and military records, banking information, investments, insurance policies, Medicaid or Medicare info, and mortgage details. Make sure to share it with your spouse or a trusted family member.

Gather your logins for any online accounts, like social media, banking, brokerage, and frequent traveler sites. A site like LastPass makes them easy to save in one spot.

Want to be buried with your favorite sports jersey or have “Amazing Grace” sung at your funeral? It may seem morbid, but there’s
no time like the present to tell your loved ones.

New jobs, new family members, and other new circumstances can all change your plans. Go over your life insurance, will, retirement funds, and other accounts once a year to adjust beneficiaries, amounts, or other details if needed.