Estate planning can be a difficult yet necessary conversation to have with your loved ones. Everything from the distribution of your assets to your wishes regarding end-of-life care is up for discussion.

In this week’s Better Money Boston with WCVB Channel 5, Joel Johnson, CFP® explains how estate planning can help retirees feel confident about leaving behind a lasting legacy.

Don’t Leave it to Chance

Failing to establish or update an estate plan may lead to important details falling through the cracks. An outdated will from 20 or 30 years ago may no longer align with your current wishes. It’s essential to have a plan that adapts to major life changes and reflects your values.

Sitting down with an estate planning attorney to create or reassess your plan can help ensure your affairs are handled as you intend.

Protect Your Assets

No matter the size of your estate, you’ll likely have assets that will need to be managed and distributed after you’re gone. This includes any items of value, such as properties, vehicles, stocks, retirement accounts, and insurance policies. As part of your overall financial strategy, an estate plan can ensure your wishes are clearly stated and properly carried out.

Review Important Documents

There are several important documents within an estate plan that can provide control and peace of mind for you and your family. The three basic elements — a will, power of attorney, and health care directive — can communicate your values even if you are unable to do so yourself.

You may also consider establishing a trust, which can serve additional purposes such as minimizing estate taxes, avoiding probate, and maintaining privacy.

Revisit Your Plan Regularly

It’s important to regularly review your estate plan, especially after major life events like marriage, divorce, or the loss of a loved one. Changes in estate laws can also impact your plan. Massachusetts has seen several estate tax and legal updates in recent years, so keeping your plan up to date is key.