Estate Planning 101: What Every Hispanic Family Needs to Know

According to Trust & Will research, more than 60% of Americans don't have a will—and that number is even higher among Hispanic households.

That's not a judgment—it's a reflection of a system that was never designed with our community in mind. Estate planning has historically been expensive, complicated, and gatekept by attorneys charging hundreds of dollars an hour. It was marketed to wealthy people with big assets and fancy accountants. The rest of us were told—directly or indirectly—that it wasn't for us.

It is for you. Especially for you.

If you have children, a home, a car, a bank account, a business—anything you'd want your family to have when you're gone—you need an estate plan. Here's what it actually is, what it includes, and how to get one today.

What Estate Planning Actually Is

Estate planning is making a plan for what happens to your things—and your people—when you're no longer here to take care of them.

That's it. It doesn't require you to be rich. It doesn't require a lawyer (though one can help). It just requires that you sit down and make some decisions before a judge or state law makes them for you.

An estate plan can include a will, a trust, and healthcare documents. Depending on your situation, you may need all three—or just some of them. The important thing is that you have something documented and legally valid.

The 3 Core Documents Every Family Needs

1. A Last Will and Testament

A will is the foundational document of any estate plan. It tells the world—and the courts—what you want to happen to your assets and your dependents after you pass.

In your will, you can:

• Name guardians for your minor children and pets

• Decide who inherits your money, property, and personal possessions

• Name an executor—the person responsible for carrying out your wishes

• Document your final arrangement preferences (burial, cremation, etc.)

One important note: a will does go through probate, which is the court-supervised process of distributing your estate. If you want to avoid that process, you'll want to consider a trust.

2. A Revocable Living Trust

A trust is like a container that holds your assets during your lifetime and transfers them directly to your beneficiaries when you pass—without going through probate court.

It gives you more privacy, more control, and more speed than a will alone. You can set conditions on how and when your beneficiaries receive assets. You can update it as your life changes. And because it doesn't go through probate, your family won't have to wait months (or longer) to receive what you've left them.

If you own real estate or have significant savings, a Trust Plan is often the smarter choice.

3. Healthcare Documents

These are the documents that protect you while you're still alive—specifically if you become unable to make decisions for yourself.

A complete healthcare package includes:

• Advance Healthcare Directive (Living Will):

  Your written instructions for medical treatment if you can't communicate—whether you want life-sustaining treatment, how you want pain managed, and who makes decisions on your behalf.

• Power of Attorney:

  Authorizes someone you trust to manage your financial and legal affairs if you're incapacitated.

• HIPAA Authorization:

  Allows your designated representatives to access your medical records and communicate with your healthcare providers.

Without these documents, even your closest family members may be legally blocked from making decisions for you in a medical emergency.

What Happens If You Die Without a Plan

If you die without a will or trust, you die "intestate." That means your state's laws—not your wishes—determine what happens to your assets and your children.

Every state has its own rules for intestate succession. In most cases, assets are divided among your spouse, children, and other close relatives according to a formula. But that formula might not match what you actually wanted. And if you have a blended family, a domestic partner, or someone outside your immediate family you'd want to inherit from you, the state's formula likely won't account for them at all.

The courts also decide who cares for your minor children. Without a documented guardian, a judge makes that call—and the process is rarely quick or painless.

Dying without a plan doesn't protect your family. It leaves them in a difficult situation during an already difficult time.

The "It's for Rich People" Myth

This is one of the most harmful misconceptions about estate planning—and it disproportionately affects Hispanic families.

Here's the truth: estate planning isn't about how much you have. It's about making sure what you have goes to the right people.

If you have kids, you need a guardian designation. If you own a home, you need a plan to transfer it. If you have a bank account, someone needs to be authorized to access it. These aren't rich-people problems. They're everyone problems.

The good news is that affordable, accessible estate planning now exists. Trust & Will makes it possible to create a legally valid estate plan online, in as little as 30 minutes, for a fraction of what a traditional attorney would charge.

The Cultural Context: Talking About Money and Death in Hispanic Households

Conversations about death, money, and inheritance aren't easy in any family. But in many Hispanic households, they come with extra layers.

There can be a cultural norm around not discussing finances openly—a sense that it's private, or even bad luck to plan for your death. There's also a deeply rooted trust in family to "figure things out" without legal documents.

And then there's the immigrant experience: if you or your parents came to this country with nothing, building something was already a miracle. Planning what happens to it after you're gone can feel abstract—or even presumptuous.

But here's what we know: families who have a plan are in a better position than families who don't. The conversation can be uncomfortable. The plan doesn't have to be.

How Much Does It Cost?

Traditional estate planning through an attorney can cost anywhere from $1,000 to $5,000 or more—and that's for a basic plan. For many Hispanic families, that price tag has been the barrier.

Trust & Will offers a more accessible option: a full Trust Plan or Will Plan you can create online, customized to your state, for a fraction of the cost. Using Trust & Will typically saves customers up to 70% compared to working with an attorney alone.

If you want additional guidance, Trust & Will can also connect you with a vetted attorney for one-on-one support.

How to Get Started—Today

You don't need to have everything figured out before you start. You just need to start.

Trust & Will walks you through a series of clear, easy-to-understand questions about your family, your assets, and your wishes. By the time you're done, you'll have a customized estate plan—real documents, designed for your state, ready to be signed and made legally valid.

No law degree required. No jargon. No intimidating office. Just you, your family's future, and about 30 minutes.

Your family built something. Make sure it's protected.

[Start Your Estate Plan—It Takes Less Than You Think]

Trust & Will is an online service providing legal forms and information. Trust & Will is not a law firm and does not provide legal advice.