ABA Family Legal Guide

Estate Planning

Estate-Planning Basics

Isn't a will all I need?

Not necessarily. While a will is usually the most important part of an estate plan, it's not the only part. These days, it's common for a person to have up to a dozen will substitutes—that is, various ways of distributing property regardless of whether the person has a formal will. Pensions, life insurance, gifts, joint ownership, and trusts are but a few of the ways you can transfer property at or before death quickly and inexpensively.