Most people prepare an estate plan for several reasons. They want to make sure their property will pass to family members, friends and charities of their choosing. They also may want to:
- minimize or eliminate estate taxes
- prepare for possible incapacity
- put their affairs in order so that their loved ones will not be burdened unnecessarily
- avoid family conflicts
Many potential problems can be solved or minimized through careful planning and communication. An estate plan typically includes:
- Will
- Durable power of attorney
- Health Care Proxy, Living Will and HIPAA Release
- Homestead Declaration
- Trust (if needed to solve specific issues, to avoid probate or to minimize estate taxes)