Let’s be honest: nobody gets excited about estate documents. They rank somewhere between a dentist appointment and cleaning out the garage. But these papers are one of the kindest gifts you can give the people you love. When life takes an unexpected turn, they turn a stressful, confusing moment into a clear path forward.
Just as important as having these documents is talking about them. A well-drafted plan helps only if your family knows it exists and where to find it. So, as you read, think about who in your life should be part of this conversation: your kids, your parents, your closest friends.
Here are the five documents we encourage every family to have in place.
- A Will
Your will is the foundation. It spells out who receives your assets, who will manage your estate, and, if you have young children, who you’d want to raise them.
Without one, state law decides for you. Those default rules may not match your wishes at all.
A few things to keep in mind:
- Name a guardian for minor children, and talk with that person first
- Choose an executor who is organized, trustworthy, and willing to take on the role
- Revisit it after major life events like a marriage, divorce, birth, or move
- Beneficiary Designations (on Everything)
Here’s something that surprises many people: beneficiary designations often override your will. If your will leaves everything to your spouse but an old retirement account still lists your ex, that account may go to your ex.
Most people remember to name beneficiaries on investment and retirement accounts. But the list doesn’t stop there.
Check beneficiaries on:
- Retirement accounts (401(k), IRA, 403(b))
- Life insurance policies
- Bank accounts, through a payable-on-death (POD) designation
- Brokerage accounts, through a transfer-on-death (TOD) designation
- In some states, vehicles and real estate
A related step: authorized access. Beneficiaries receive assets after you pass, but someone may need to help while you’re still here. Adding a trusted family member as an authorized signer on a checking account, for example, can make it much easier for them to pay your bills if you’re ever unable to. Just know that “authorized signer” and “joint owner” are very different things with different tax and legal consequences, so ask your bank and your attorney which option fits your situation.
- Power of Attorney
A durable financial power of attorney names someone to manage your financial affairs if you become unable to do it yourself. That can mean paying bills, handling taxes, managing investments, or dealing with insurance.
Without one, your family may need to go to court to get that authority, which is a slow and costly process at the exact moment they’d rather be focused on you.
Choose someone who is:
- Financially responsible
- Comfortable asking questions and keeping good records
- Someone you trust completely, because this is a lot of authority
- Health Care Directive
A health care directive (sometimes called an advance directive) covers two things: who can make medical decisions for you if you can’t, and what kind of care you would or wouldn’t want.
This document spares your loved ones from guessing during an already emotional time. It’s also a chance to share your values: what matters most to you about quality of life, comfort, and care.
Tip: Give copies to your health care agent and your doctor and keep one where it’s easy to find. A directive locked in a safe deposit box won’t help much in an emergency room.
- The Peace-of-Mind Packet
This is the one almost nobody talks about, and it may be the one your family thanks you for most.
Your will says who gets what. Your Peace-of-Mind Packet tells your family where everything is and how it all works. It isn’t a legal document. It’s a practical, personal guide that saves your loved ones weeks (sometimes months) of detective work. You may also hear it called a legacy binder, a family emergency binder, or an “In Case of Emergency” (ICE) file. Whatever you call it, the goal is the same.
Think about it: if something happened tomorrow, would your family know which bank you use? Which bills are on autopay? Where the title to the boat is? Who to call about the cabin?
What to include:
- Key contacts: your financial advisor, attorney, CPA, and insurance agent
- Account list: banks, investment accounts, retirement plans, and insurance policies (institution names, not full account numbers)
- Where originals live: your will, deeds, titles, and the key to the safe deposit box
- Monthly bills and autopays: utilities, subscriptions, loans
- Digital life: how to access your password manager, phone, email, and photos. Many password managers offer an emergency access feature built for exactly this.
- Property details: vehicles, the snowmachine, the fishing gear you swear is worth more than the truck
- Pet care: who takes the dog, vet info, feeding routines
- Your wishes: funeral or memorial preferences, favorite music, where you’d like to be remembered
- Personal notes: a letter to your kids, the story behind a family heirloom, or simply the words you’d want them to hear
A security note: Store the packet somewhere safe but accessible and tell at least one trusted person where it is. Leave full account numbers out, and keep any passwords sealed and stored separately from the packet itself.
The best part? Putting this packet together often brings a surprising sense of calm. Once it’s done, you’ll know that if the unexpected happens, your family has a map.
Start the Conversation
Having these documents is a great first step. Sharing them is what makes them work.
It doesn’t have to be a heavy sit-down. A few ways to ease in:
- Lead with love: “I put this together because I want things to be easier for you someday.”
- Keep it simple: Start by telling them where the packet is and who to call.
- Make it mutual: Encourage your adult kids, parents, and friends to create their own. It’s just as important at 30 as at 70.
These conversations can feel awkward at first. But families who have them tend to find they bring people closer, not further apart.
We’re Here to Help
At Alaska Wealth Advisors, we help families organize their financial lives so they can move forward with confidence. While we don’t draft legal documents, we can review your beneficiary designations, coordinate with your estate planning attorney, and help you build a Peace-of-Mind Packet that gives your family clarity when they need it most.
If you’re ready to get started, or just have questions, reach out to our team at 907-272-7575.
Derek Stone
Senior Associate Financial Advisor
This material reflects the author’s opinion, is not intended to be investment, tax, or legal advice, and is provided for illustrative purposes only. Alaska Wealth Advisors is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Alaska Wealth Advisors’ investment advisory services can be found in its Form ADV Part 2 and/or Form CRS, which is available upon request.
