An estate plan is a coordinated set of legal instruments which are designed to preserve assets during your lifetime and facilitate the transfer of assets at your passing.  A well-drafted estate plan can also help you reduce or eliminate exposure to probate, avoid or reduce federal estate taxes, provide for the care of your minor children, make charitable contributions, and coordinate care for yourself and your spouse in the event of long term illness or incapacitation.

A will is probably the most basic component of any estate plan.  In addition, a comprehensive estate plan will likely contain a durable power of attorney, a living will, a designation of healthcare surrogate, and a preneed guardian designation.  More complex planning  will consider the application of the various types of trust instruments, and deeds.   The instruments comprising your estate plan should be tailored to your and your family's needs and goals.  Because estate plans are as varied as the individuals and families that require them, it's important to consult a qualified estate planning professional.