I want to explain estate planning documents in plain language for people who keep deferring it.

Will: specifies how your assets are distributed after death and who raises your minor children. Without one, state law decides. Creating a basic will costs $200-500 through an attorney or similar through an online service.

Durable power of attorney: designates someone to manage your finances if you're incapacitated. Without one, a court appoints a conservator — expensive, slow, and possibly not who you'd choose.

Healthcare proxy / medical power of attorney: designates someone to make medical decisions if you can't. Different from financial POA, which is often confused with it.

Advance directive / living will: specifies your medical treatment preferences (resuscitation, life support) if you're incapacitated. Removes decision-making burden from family in the worst moments.

These four documents take one afternoon and several hundred dollars to execute properly. The cost of not having them — family conflict, court proceedings, assets going to the wrong people — can be immense. Every adult over 25 with any assets or dependents should have all four.