The four documents that carry the most weight

A will directs assets that pass through probate and, where relevant, names guardians. It does nothing while you are alive.

A durable financial power of attorney names who can act on financial matters if you cannot. Without one, the alternative is generally a court process at the least convenient possible moment.

A healthcare proxy or advance directive names who makes medical decisions and records your wishes. Like the financial power, it operates during life and is the document families most often wish had existed.

A revocable living trust is the fourth topic worth understanding. It can provide control, privacy and probate avoidance, but it is not something every household needs — for many, a will plus up-to-date beneficiary designations does the job. It is a topic to consider with an attorney, not a box everyone must tick.

One related item sits outside these four documents but matters as much: beneficiary designations on retirement accounts and insurance policies override whatever a will says, and they are frequently the largest dollars in the plan.

Documents also age. Moving states, marriages, divorces, births, deaths and changes in law all argue for periodic review with an attorney licensed where you live.