The primary components of an estate plan are a Will, a Power of Attorney and an Advance Medical Directive. Some estates due to their size or special characteristics of the property or beneficiaries may require a Trust. Other pieces of property, like life insurance, do not pass through the probate process. The general purpose and characteristics of these documents is discussed in more detail at the links listed below. Wills Powers of Attorney Advance Medical Directives Trusts Each estate plan in unique. There are three main factors to consider when planning your estate.
- Type of assets in your estate - how easily can your assets be turned into cash. Real estate, art, automobiles and other property take time to sell and may require a lot of time and effort for your executors to sell and divide. Additionally, your heirs may not adequately value this property.
- Nostalgia - Some items just have special meaning to you and the family.