1. Quick and easy ways to start estate planning without a lawyer, according to financial experts. 2. Financial experts share their top tips for kickstarting estate planning in just 5 minutes, no legal expertise needed.

According to the Centers for Disease Control and Prevention, it's likely that you will die unexpectedly.

If you don't have a plan for your assets and belongings, your loved ones may struggle to determine who gets what, potentially taking months or years to resolve. Additionally, your assets could end up with the state if you fail to plan ahead.

Financial planners suggest that estate planning, although it may seem overwhelming with legal procedures and paperwork, doesn't have to be daunting.

According to Ashton Lawrence, a certified financial planner at Mariner Wealth Advisors in South Carolina, people don't typically wake up on a Saturday morning with the intention of planning for their death. However, if you view it as a way to ensure that your assets, wishes, and loved ones are protected, it becomes more acceptable, Lawrence suggests.

Two methods to initiate your estate planning in five minutes or less.

1. Name or update your beneficiaries in your retirement accounts

According to Austin Marrs, a CFP and senior wealth advisor at TSA Wealth Management in Houston, Texas, the easiest step in estate planning is to name your preferred beneficiaries on your retirement accounts.

Upon opening a retirement savings account, you typically have the ability to designate a beneficiary, who will inherit the value of your investments in the event of your passing.

It is typically straightforward to designate or modify your beneficiary. So effortless, you might have overlooked it when you enrolled or neglected to reevaluate your selections to ensure the correct individuals are included.

It is a big mistake to forget doing this, says Andrew Herzog, a CFP and associate wealth manager at The Watchman Group in Plano, Texas.

If you don't specify a beneficiary for your retirement savings account, the courts will use probate to determine ownership and distribute funds, which can be a lengthy and expensive process, according to Herzog.

Experts advise that because beneficiary designations take precedence over any instructions in a will, it is crucial to keep them current.

According to Stephen Maggard, a CFP and advisor with Abacus Planning Group in Columbia, South Carolina, if your ex-spouse is listed on the beneficiary designation, your ex-spouse will receive the money regardless of what your will states.

In the event that my primary beneficiary is unable to receive my retirement account upon my death, my secondary beneficiary will inherit my assets.

2. Ask your bank for a POD designation form

You can inform your bank or brokerage of your desired beneficiaries for your funds and assets during the time it takes to obtain your credit report.

You can designate your checking and savings accounts at a bank with a "payable on death," or POD, designation, or your stocks, bonds, and other securities you own through a brokerage firm with a "transfer on death," or TOD, designation.

What is the difference between a beneficiary and a checking account? POD or TOD designations are used for bank and brokerage accounts, while beneficiaries are assigned to retirement savings accounts.

To designate a POD or TOD with your bank or brokerage, contact them directly to obtain the necessary forms.

According to Rob Schultz, a CFP, financial advisor and senior partner at NWF Advisory Group in Los Angeles, California, TOD is a quick solution to avoid probate on taxable brokerage accounts and bank accounts. Similar to adding beneficiaries to retirement accounts, these designations can save your loved ones time and effort while sorting out your assets and allow them to bypass the courts.

To prevent your money from falling into the wrong hands, it is crucial to update your wishes regarding retirement accounts, advises Leslie Beck, a CFP and the owner and principal of Compass Wealth Management in Rutherford, New Jersey.

"She recommends reviewing your will annually or in the event of significant life changes, such as divorce or the loss of a parent, and states that the process is straightforward and does not require legal assistance."

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