What is an estate plan?

An estate plan is a series of documents in which you provide instructions and declarations regarding your care if you become mentally or physically incapacitated and how your assets should be distributed upon your death. The estate plan usually includes a will, health care power of attorney, living will, and a financial power of attorney. A good estate plan provides both financial and personal considerations. The estate planning documents will address the preservation and growth of your assets both while you are alive and for your beneficiaries after your death and should include legal strategies to minimize tax liabilities upon your death. The health care power of attorney and living will allow you to document and control decisions with regard to who should speak for you and who should care for you when you are unable to do so yourself.