Foundations of Estate Planning for Retirement

Most people know they should have an estate plan but put it off because the subject feels morbid, complicated, or only relevant to the wealthy. In reality, estate planning is relevant to anyone who has assets, dependents, or preferences about their medical care, and the consequences of dying without a plan are paid by the people you leave behind. This course builds the conceptual foundation needed to understand what estate planning involves before engaging a professional to create the documents. By the end of this course you will be able to describe the function of each core estate planning document, explain how beneficiary designations on retirement accounts override a will, distinguish between a revocable living trust and a will in terms of probate implications, and identify the situations that create estate planning complexity requiring specialized legal guidance. What you will learn: - What happens when someone dies without a will: how intestate succession laws distribute assets and why they rarely match the deceased's actual wishes - The last will and testament: what it covers, what it cannot cover, and how it interacts with jointly held property and beneficiary designations - Beneficiary designations on retirement accounts and life insurance: why they supersede the will and why keeping them current is critical - The revocable living trust: how it avoids probate, its cost relative to a will, and when it is worth the additional complexity - Durable power of attorney: granting a trusted person the authority to manage financial affairs if you become incapacitated - Healthcare proxy and advance directive: documenting your medical preferences and designating a healthcare decision-maker - Federal and state estate taxes: the current exemption thresholds and the situations in which estate tax becomes a meaningful concern The course proceeds through five reading modules with annotated document summaries and scenario-based examples. Case studies illustrate the consequences of common estate planning gaps: no will, outdated beneficiary designations, and no power of attorney. Reflection prompts ask you to identify which documents you currently have and which are missing. This course is designed for adults at any age who want to understand estate planning basics before working with an estate attorney. No prior legal or financial knowledge is required. This course is educational and informational; it does not substitute for advice from a licensed estate planning attorney familiar with your jurisdiction and specific circumstances.