'I am playing in extra innings': Warren Buffett gets real about death — both his own and Charlie Munger's — and the challenges of executing his will. Here are 3 estate tips to ease the burden

It’s a message that resonates even more now after the death of his long-time friend and business partner Charlie Munger at age 99 just days later on Nov. 28.

Buffett has since penned a full tribute to Munger, as part of this year's Berkshire shareholder letter, in which Munger is remembered as the "architect" of the storied firm he and Buffett built.

"Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades," Buffett wrote. "In reality, Charlie was the 'architect' of the present Berkshire, and I acted as the 'general contractor' to carry out the day-by-day construction of his vision."

In the November letter, Buffett said his three children — who range in age from 65 to 70 — share his opinion that “dynastic wealth, though both legal and common in much of the world including the United States, is not desirable.”

His children are the executors of his will and the named trustees of the charitable trust that will receive 99%-plus of Buffett’s wealth after his death. The 93-year-old noted: “They were not fully prepared for this awesome responsibility in 2006, but they are now.”

After a lifetime of building immense wealth — and giving much of it away — Buffett seems to be at ease and in alignment with his children about his end-of-life plans.

Here are three ways to help your loved ones so they can grieve your loss in peace.

Write a will

While having a will in place won’t protect your loved ones from the emotional distress of your death, preparing some basic documents can shield them from any extra financial anxiety, stress and uncertainty.

A will is the bedrock of a strong estate plan. While the laws governing these documents vary by state, there are several basic elements that should be included:

• Personal information: You should include your full legal name (and any other aliases you go by), date of birth, address and the names of your immediate family.
• Last will and testament language: Also known as testamentary intent, this legal language declares that your document is a valid will that should be carried out.
• Assets: Since your will details who gets which of your belongings after you die, you should list any money, personal belongings, real estate and other high-value assets that you want to distribute.
• Beneficiaries: Your beneficiaries are the people who will receive your assets when you die. They can be your family members, friends, charities, businesses, or even a trust — but you need to be specific about who gets what.
• Executor: You should pick someone to carry out the terms of your will and manage any unresolved affairs, like paying bills and taxes. If you don’t name an executor, someone will have to apply to handle your estate via probate court, or the court will name an executor.
• Guardianship: If you have children under the age of 18 or any disabled or elderly dependents, you can appoint them a legal guardian.
• Signatures: You’ll need to sign your will and most states also require witness signatures. And remember, you should update your will as your life changes, like say you get married, divorced or become a parent.

You can get help from an estate lawyer but it comes at a cost. On average, a flat fee for a simple will ranges between $300 to $400, according to Willful, but the fee can climb beyond $1,000 if your will is complex.

Trust in trusts

Buffett has made use of trusts — including the testamentary trust his three children must administer after his death — and so can you.

One way to save your loved ones from potential financial and legal woes is to put all of your assets — including your bank accounts, investments, life insurance and real estate — into a living trust, or revocable living trust, and name your children or loved ones as the beneficiaries of that trust.

A living trust allows you to manage your assets in your own name for as long as you’re able. The word “revocable” means the trust can be undone or changed.