Think estate planning is only for the wealthy or elderly? Think again. If you own anything — a home, a car, a savings account, even a pet — you already have an estate plan. The only question is: Did you create it, or will your state do it for you?

When someone passes away without an estate plan, state laws take over, deciding who gets what and when. This legal process may not reflect your wishes. That’s why taking control of your assets through a personal estate plan should be a top priority.

At its core, estate planning is about clarifying your wishes and making things easier for your heirs. It ensures your assets are distributed according to your preferences, designates who will make decisions on your behalf if you can’t and provides guidance for your care in a medical crisis. Most plans include four key components:

1. A Will – This document outlines how your assets should be distributed after your death and names an executor to oversee the process in probate court. It can also designate guardians for minor children. Keep in mind that a will doesn’t cover everything — certain transfer on death (TOD) accounts and jointly held property may bypass your will entirely.

2. Power of Attorney – If you become incapacitated, you’ll want someone you trust to be able to make decisions on your behalf. A durable power of attorney designates such a person, helping to ensure your bills are paid, your business continues (if you have one) and your wishes are honored.

3. Health Care Directive – Sometimes called a living will, this document spells out your preferences for medical treatment if you’re unable to speak for yourself. It can also designate someone to make health care decisions for you.

4. Beneficiary Designations – Accounts like 401(k)s, IRAs, and life insurance policies transfer directly to the people you name, regardless of what your will says. It’s essential to review these beneficiary designations regularly, especially after significant life events such as marriage, divorce, death of a spouse or the birth of a child.

One common myth is that a will is all you need. But wills only take effect after death; they don’t help if you’re alive but unable to make decisions. Another misconception is that estate planning is only for the wealthy. In truth, planning is about more than money — it’s about making things easier for the people you love during difficult times.

An effective estate plan can prevent costly legal battles, reduce confusion and give your loved ones a clear roadmap to follow. It also allows you to leave a legacy that reflects your values and priorities.

As your life changes, your estate plan should change along with it. Review your documents every few years or after major life events. It’s often a good idea to seek help with such reviews. Your financial advisor or attorney can guide you through the process, ensuring your plan fits your unique circumstances.

In the end, estate planning isn’t just about planning for what happens when you are gone. It’s about feeling confident, knowing that what matters most — your family, your purpose, your legacy — is protected.

Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.

This article was written by Edward Jones for use by Jon Broska, your local Edward Jones Financial Advisor. Edward Jones, Member SIPC.