What are the key components of an estate plan?

The key components of an estate plan may include:

1. Will: A legal document that outlines how you want your assets to be distributed after your death.

2. Trusts: Legal structures that can help manage and distribute your assets while minimizing taxes and avoiding probate.

3. Power of attorney: A legal document that appoints someone to act on your behalf if you become unable to make decisions for yourself.

4. Health care directive: A legal document that outlines your wishes for medical treatment if you are unable to make decisions for yourself.

5. Beneficiary designations: The process of naming individuals or organizations to receive your assets after your death.

6. Life insurance: A financial product that can provide financial support to your loved ones after your death.

7. Charitable giving: The process of donating a portion of your assets to a charity or nonprofit organization.

By including these key components in your estate plan, you can help ensure that your assets are distributed according to your wishes and that your loved ones are taken care of after your death. It can also help minimize taxes, avoid probate, and provide peace of mind.