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What are the Key Elements of a Good Estate Plan?

A good estate plan will take care of (i) who gets your assets when you pass; (ii) who you entrust to make medical and legal decisions for you if you are incapacitated; (iii) simplifying the process for your family after you are gone; and (iv) if applicable, protecting assets from estate taxes and/or the costs of assisted living for you and your spouse.

These are the key documents that can accomplish these goals:

• A last will and testament, which names your personal representative (often known as an executor) and specifies who should receive what.
• A health care proxy, which designates a person you trust to make medical decisions for you if your doctor says you are unable to do so yourself.
• A durable power of attorney, which designates a person you trust to make financial and legal decisions if you are unable to do so yourself.

• One or more trusts, which allow assets to pass without going to probate court, and in appropriate circumstances can protect assets from estate taxes or the costs of assisted living.​

Learn more here about the essential estate planning documents at different stages of life.

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