It’s easy to think of estate planning as something that only matters after you die. But your plan can also address an important question while you’re alive: Who can make financial or health care decisions for you if you can’t? A will alone doesn’t necessarily answer that question.¹

In many cases, probate is the legal process used to validate the will and carry out its instructions.² But a will only guides your estate through probate. It doesn’t skip the line. Some assets can pass outside probate based on how they’re owned or designated, but having a will alone doesn’t bypass the process.

Updating your will doesn’t automatically update who receives every asset. Certain accounts, including retirement accounts and life insurance policies, generally pass to the beneficiaries named directly on them. If those designations haven’t kept up with changes in your life, an asset could end up with someone you no longer intended.³

Being aware of your finances doesn’t automatically give a family member authority to manage them for you. A financial power of attorney can give someone you choose the ability to handle certain financial matters if you become unable to do so yourself. Without that authority, even someone you trust may face limitations.⁴

You may have talked with your family about the medical care you’d want if you couldn’t make decisions yourself. Even families who talk openly can remember those conversations differently. A healthcare directive can provide more specific guidance for those circumstances.⁵ Without one, loved ones may be left interpreting past conversations when difficult decisions arise.

Federal estate taxes apply at levels that may surprise you. For 2026, the federal estate tax exclusion is $15 million per individual.⁶ State estate and inheritance tax rules can differ, though, so where you live may affect the picture. Your estate’s value and location can help determine which tax rules deserve your attention.