To create a thorough and effective estate plan, individuals should follow these steps: Prepare a will that designates an estate executor; indicate who will receive what assets, and assign a trust and guardians for any children. Consider using an attorney if the will is in any way complex. To avoid probate, have an attorney create a revocable living trust. Assign beneficiaries to other assets, such as life insurance policies, retirement plans, and securities. Use an attorney to prepare a living will, name a health care proxy, and create a HIPAA release form. Update the plan every five years.