Estate Planning When You’re Not Rich: 7 Steps to Protect What Matters

Estate planning is not only for wealthy families—it is how you make your wishes, responsibilities, and important information easier to act on. This episode gives you seven practical steps to organize what you have, choose trusted decision-makers, and reduce confusion during incapacity or after death. We cover how to: • Make a one-page inventory of assets, debts, bills, benefits, documents, and dependents • Review life-insurance and retirement-account beneficiaries • Understand the different jobs of an executor, financial agent, health-care proxy, and guardian • Prepare a state-valid will, financial power of attorney, and advance directive • Verify ownership of a home, land, or heirs’ property before changing a deed • Plan for digital accounts without sharing passwords • Store your plan securely and review it after major life changes You’ll also learn why a will does not automatically avoid probate, why family members usually do not inherit a deceased person’s debt, and why adding someone to a deed can create unintended consequences. Federal gift- and estate-tax figures discussed in this episode apply to calendar year 2026; state estate, inheritance, probate, and document rules vary. This content is for general U.S. financial education only and is not individualized financial, legal, tax, credit-repair, investment, benefits, or estate-planning advice. Consider a qualified professional in the state where you live or own property for guidance about your circumstances. Sources and further reading: Advance Care Planning: Advance Directives for Health Care — National Institute on Aging, National Institutes of Health: https://www.nia.nih.gov/health/advanc... FAQs about Retirement Plans and ERISA — U.S. Department of Labor, Employee Benefits Security Administration: https://www.dol.gov/agencies/ebsa/abo... Does a Person’s Debt Go Away When They Die? — Consumer Financial Protection Bureau: https://www.consumerfinance.gov/ask-c... Heirs’ Property Relending Program — U.S. Department of Agriculture, Farm Service Agency: https://www.farmers.gov/working-with-... Frequently Asked Questions on Gift Taxes — Internal Revenue Service: https://www.irs.gov/businesses/small-... I Need Legal Help — Legal Services Corporation: https://www.lsc.gov/about-lsc/what-le... Life Insurance — National Association of Insurance Commissioners: https://content.naic.org/consumer/lif... Greater Wealth, Greater Uncertainty: Changes in Racial Inequality in the Survey of Consumer Finances — Board of Governors of the Federal Reserve System: https://www.federalreserve.gov/econre...