Optimal Finance Daily · Wednesday, July 15, 2026
Erik Carter stresses the importance of basic estate planning documents like wills and power of attorney to avoid potential family disputes, legal fees, and probate delays during incapacitation or death. He notes that while basic documents can be inexpensive, consulting an attorney is advisable, and options like POD/TOD designations can bypass probate for certain assets.
“Estate planning documents like a will, advanced healthcare directive, and power of attorney, allow you to make financial decisions or empower someone else to for a time when you're unable to, either through death or incapacitation.”
“Imagine your family fighting over medical decisions for you, or over who should inherit what asset, or waiting months and paying thousands of dollars in legal fees while your estate goes through probate.”
“Depending on your state, you may also be able to avoid probate on your bank accounts with a POD, or payable on death designation, and on investment accounts, vehicles, and real estate with a TOD, or transfer on death registration.”