The Foundations of the Estate Plan typically include
- Durable Financial Power of Attorney - Designates an individual to manage financial affairs while living in the event of incapacity. It is called "durable" because it remains effective in the event of incompetency and terminates upon death.
- Health Care Power of Attorney - Designates an individual to make health care decisions.
- Living Will - Outlines end-of-life preferences.
- Last Will and Testament - Directs how property is distributed to beneficiaries upon death. For parents of minor children, a will also appoints a guardian for their children.
- Living Trust Agreements - Utilized to avoid probate, minimize estate taxes and address specific situations such as second marriages, blended families, special needs planning and to create a framework for the continued growth and disposition of assets to succeeding generations.