When writing a will and doing estate planning in general, the age of your heirs makes a dramatic difference in how you plan. This is one reason why it's so important to update the plan moving forward.
As you craft your estate plan, you can't help worrying about ways that your heirs are going to waste your money. The risk feels too real when you start designating assets you've worked to save up for decades, and you think about how someone else may not respect the time and effort that took.
Do you assume that estate planning essentially just means writing out a will that says which one of your heirs gets which assets? That's part of the process, but it's definitely not the entire process.
Traditionally, a will is a written document that is drafted and filed long before you actually pass away, and your heirs need to use it. However, you may have also considered simply using an oral will to save yourself these steps. Is it a good idea?