Estate Planning sounds like a fancy term for wealthy people making expensive plans. While the term does include making complex arrangements for wealth preservation and transfer, Estate Planning for everyday Americans is also important. And, far too often, it is neglected. In a recent study, only 1/3 of Americans were found to have even the most basic Estate Planning documents.

Americans of modest means also control assets, including real property, financial assets, and digital assets. Each and every one of us would be comforted with knowledge that, when the time comes, our assets will be treated and divided according to our wishes, and that forms the basis of Estate Planning.

In a nation of laws, everything (including death) has a default mode, which is whatever current law dictates. Fortunately for us, those laws include following our directives, assuming they are known, legally documented, and clear. For most folks, directing disposition of our assets can be as simple as preparing a Last Will & Testament (Will). The basic Will is a written instruction for people and courts as to what we wish to happen when the unthinkable (but inevitable) occurs.

Making a Will is a good idea, as it avoids the necessity of subjecting our assets to the current default laws in our state of residence. Chances are strong that the default disposition of our assets would not emulate our expressed wishes. That is what a Will does, clearly and easily. But a Will alone is often not the easiest, best, and most thorough method of expressing our complete wishes and concerns.

When a Will is left as the sole directive of a deceased’s estate, the process enters a Probate process in a Court specially designed for this purpose. Everything is made public, and a Probate Attorney directs the process. For a fee, of course, which is often substantial.

Adopting a Revocable Living Trust is the answer for many people who wish to avoid the Probate Process. A carefully drafted Living Trust not only directs the process according to the terms of the Trust, but does so directly, averting Probate. The Trust is flexible and easily altered at any time with a simple amendment.

The Living Trust is often supplemented by a “Pour-Over Will,” which is a simple Will that directs any and all property inadvertently left out of the Trust to immediately be rolled in for Estate purposes.

It is often said that no one can get out of this life alive. Next best, perhaps, is to leave the world in an organized manner. When you decide that you need a way to direct your assets, there’s a Will for that. Possibly more, but at a minimum draft a Will. Follow your state’s rules to make it legitimate.