The complexity of an estate plan will depend on each individual’s goals and circumstances. Some people will need to establish Trusts; others to plan for the long term care of loved ones with special needs, and still others to prepare for the transfer of business assets. Some people will need to do all three and more. However, a basic estate plan consists of four documents that everyone should have: a last Will and Testament, a Durable Power of Attorney, a Health Care Proxy and a Living Will.
All of these documents work together to ensure that your wishes are carried out with regard to your property, assets and person. On top of that, they provide for family, loved ones and other beneficiaries by passing on financial benefits as well as taking away the stress of a state mandated or contested distribution of property.