An estate plan provides important protections for estate planners and peace of mind for both them and their families. To set up an estate plan that meets the estate planner’s desires and goals for their estate plan, it is important for them to be familiar with the different types of estate planning documents.

Will

A will is an important estate planning tool that is used to distribute the estate planner’s assets to their beneficiaries. It is an essential component of the estate plan that the will is valid. Estate planners should be familiar with what is required for a will to be valid in their state where they are executing their will.

Trust

A trust is a useful estate planning tool that can help transfer the estate planner’s assets without the requirement of the probate process. The estate planner and their family members may wish to avoid the probate process which can be lengthy and costly.

Advance healthcare directive

An advance healthcare directive is used to help the estate planner plan for incapacity. It designates the medical care and treatment the estate planner wishes to receive, or does not wish to receive, including resuscitation, if they become incapacitated at some point.

Power of attorney

A power of attorney can be set up to designate a trusted individual to handle the estate planner’s financial affairs if they are unable to do so at any point. It can also be used for healthcare to designate a trusted individual to direct the estate planner’s medical care and treatment if they are unable to do so for themselves.

Estate planning is a process that helps estate planners plan for their families. For that reason, estate planners should be familiar with the different estate planning documents and tools available to help estate planners set up an estate plan that works for them.