Key Elements of an Estate Plan
Advisers often ask clients whether they have an estate plan. If the answer is “no,” the adviser will recommend that the client put one in place.
A client might then wonder: what is an estate plan? What does it consist of? How do I begin putting one together? How can I ensure it’s complete?
What is an estate plan?
An estate plan is a coordinated set of legal, tax and financial arrangements designed to ensure your assets and control rights transfer according to your wishes upon your death. At a minimum, a sound estate plan consists of:
• A signed and properly witnessed will (often coupled with a funded revocable trust) that directs which beneficiaries get what assets, who serves as executor or trustee, and who serves as guardian for any minor children.
• Medical decision-making documents: an advance healthcare directive (living will), power of attorney for medical decisions (healthcare proxy) and a HIPAA authorization form.
• Power of attorney for finance, authorizing an agent to execute financial transactions on your behalf.
• Proper account titling, updated beneficiary designations (especially for retirement accounts and insurance policies), a current family tree, a statement of assets and liabilities, and adequate insurance.
How do I begin?
Hire an estate planning attorney. He or she will ask how you’d like your assets disposed of upon your death. That question is at the core of all initial estate planning conversations.
Most married couples want wealth to pass to the surviving spouse, then in equal shares to children, often held in trust until a child reaches a certain age. An attorney will anticipate contingencies: What happens if no family member survives? Who are successor executors and trustees?
Identifying a guardian for minor children is often the most sensitive question. We strongly advise not allowing this remote contingency to delay execution of your will. Without your nominations, courts decide.
Unmarried individuals usually have more complicated plans because the natural transition of wealth is less obvious. In all cases, tax impact should be a secondary consideration; once the plan is established in principle, your attorney can advise on minimizing estate and income taxes.
How do I make sure it’s complete?
An estate plan reflects its creator’s wishes at the time documents are executed. But plans change as lives change. You should always see your estate plan as a living set of documents requiring regular review. Even after death, trusts may live on for generations, so care should be given to identifying goals, distribution circumstances and trustee succession.
Rick Barragan is the Managing Director,
Los Angeles Market Manager, for
J.P. Morgan Private Bank.
[email protected] | (310) 860-3658
privatebank.jpmorgan.com/los-angeles
Source: “Key elements of an estate plan?” Jordan Sprechman, vice chairman, practice lead, U.S. Wealth Advisory, Aug. 10, 2026
