Talking to your aging parents or loved ones about finances is often a tough thing to do, but having these issues in order is one of the most important things you can do. Since my mother died a couple of years ago, I always remind people of the importance of planning in case of your illness or death, but there’s still plenty I don’t quite understand.

The term “estate planning” is still kind of nebulous to me and sounds like something people with lot of money and assets have to worry about, but indeed, us regular people need to plan, too. Though I’m not an expert (consider this information rather than legal advice), these are four important financial planning topics to consider:

1. Make a will - A basic will is a written account of who you want to inherit your property and names a guardian for young children if you have any. It also names your executor, the person with authority to make sure that your wishes are carried out. It’s never too early to make a will, but it’s very important to keep it up to date as well.

2. Write your health care directives - Health care directives consist of a living will and a power of attorney for health care, both important documents if you become unable to make medical decisions for yourself. A living will is a written statement that names the type of care you want (or don’t want) if you become incapacitated and a health care power of attorney names someone you trust to make decisions if you can’t.

Make sure your loved ones know where these documents are located and keep copies available since many hospitals routinely ask for them on admission.

3. Name a financial power of attorney – A financial power of attorney names a trusted person to make financial decisions if you are unable to handle your own affairs. In some instances, the court will appoint someone for you if your documents aren’t in place, so it’s wise to properly name the person of your choice.

4. Complete beneficiary forms - make sure all bank and insurance accounts have the beneficiary forms filled out and updated. In some instances, account benefits that are payable upon death may keep the recipient from having the funds go through the probate process.

While it’s never pleasant to plan for your own death, not having a will or other planning documents may mean that the courts distribute your property according to state laws. An estate plan will also put your mind at ease since proper planning is a huge burden off your family during (it was for me when my mother died) an already stressful time.

There are many resources such as Nolo.com to help you gather information about estate planning, but your should always consult your lawyer or other legal adviser to find out what’s right for you.