What Makes Up an Estate Plan

Review the chart below to discover the basic components of a good estate plan and their benefits.

Plan Component	Description	Benefits
Will	Directs who ("beneficiaries") receives property and assets after your death Names who ("executor") you want to carry out those directions Names who ("guardian") will care for minor children or other dependents	Is fairly straightforward to create Can be changed during your lifetime Makes it easier for your loved ones after you are gone Gives you control over your legacy, including the people and things you care about
Trust	Directs who ("beneficiaries") receives specific property and assets after your death Names who ("trustee") you want to control the property and assets Holds property and assets for beneficiaries	Avoids probate, the often lengthy process of proving a will's validity Is private Can control when you want people to inherit money or property Some can be changed during your lifetime (revocable trusts)
Durable power of attorney	Names who ("agent") can act for you on financial matters if you're incapacitated Specifies how much authority named agent has and when it expires	Is flexible in terms of how much power you grant the agent and for how long Ensures that someone you trust is making financial decisions for you when you can't
Health care power of attorney	Names who ("agent") makes health care decisions for you if you're incapacitated Specifies how much authority named agent has and when it expires Gives named agent authority, in some states, to make post-death decisions about things such as consent to an autopsy, anatomical donations or disposition of bodily remains	Is flexible in terms of how much power you grant the named agent and for how long Ensures that someone you trust is making medical decisions for you when you can't
Living will	Details your wishes about provision, withholding or withdrawal of life-sustaining medical treatments if you are in a terminal condition or permanently unconscious	Gives you control over medical decisions, even if you are unconscious or incapacitated
Appointment of HIPAA representative	Gives someone the authority to review and discuss your health information with your health care providers	Allows doctors and medical professionals to discuss your medical history and other important details about your health with a loved one
Beneficiary designation forms	Names who ("beneficiary") will receive specific assets, such as life insurance policies, retirement plans and bank accounts Specifies primary and secondary beneficiaries and what percentage of the asset each person receives	Covers assets that are not covered by your will Gives you control over the portion of each asset each person receives

source https://www.araglegal.com/education/estate-planning/components-of-an-estate-plan.htm