Creating an estate plan is often much more than deciding what property should go to whom. Usually, a person must think about his or her own future in addition to what should happen to the estate. For example: What should happen when you reach an age where you are unable to fully take care of yourself? Should you purchase long-term care insurance?
For decades, American workers had it figured out. Many people would spend their careers at a single company and then retire at 65 with pensions that would carry them through their senior years. Everyone did not get a gold watch, but retiring with a good pension was often a reasonable expectation.