The norm in estate planning today involves using trusts, but early planners and small estates may need only a will and other basics.

In Fundamental Estate Planning™ you will:

• Write a will, taking effect at death, naming an executor and listing who will receive your assets, in what proportions.
• Give others power of attorney and health care proxy to make decisions for you when you cannot.
• Appoint emergency, standby and permanent guardians and custodians over your children and their assets.
• Appoint a trustee to manage assets for your children under the age of, say, 30.
• Write a living will if it is your desire to be allowed to die a natural death or not to be kept alive indefinitely on life support.
• Declare a homestead on your primary residence (in states such as Massachusetts that require written declaration – other states may have "automatic" homestead exemptions).

Considerations in Fundamental Estate Planning™:

• A will must be probated through the courts, involving varying degrees of complexity, delay and expense, depending on the circumstances at the time – such as
• the size of the estate, the age and legal competence of the beneficiaries,
• the speed with which settling the estate is important,
• whether there is real estate and where is it located,
• whether there are debts to be paid,
• whether there are minor heirs, and
• many other variables. 
• The estate passed by way of will is susceptible to claims of creditors of the estate and creditors of the heirs.
• Just because you consider your affairs “simple” doesn’t mean you “only need a will.”  That may be a true statement, but, if you have goals such as protecting assets for yourself, your heirs, avoiding probate and taxes, passing down a business or a vacation home, then a Fundamental Estate Plan is not for you.  You need to hear what we have to say about Lifetime Trust Planning, Family Protection Planning, Asset Protection Planning, or Advanced Planning.

Fundamental Estate Planning™ is sometimes known as “Death Planning” because it takes effect only at death and offers the most inefficient form of estate settlement.  Still it is relevant for many small estates.