An estate plan often includes:

• A Health Care Directive, which describes your wishes for your health care when you are not able to communicate those wishes, and names people to speak for you and make health care decisions for you when you are not able to do so (incapacitated).

• A Power of Attorney, which authorizes others to take actions and make financial decisions for you.

• A Digital Asset Authorization, which authorizes someone else to manage your digital assets.

• A Trust, which describes how you want your property managed, names successors to manage it when you are not able to do so, and describes what happens to your property after you die.

• A Will, which describes what you want to happen to your property after you die, names the people you trust to administer your estate, “Personal Representative”, and, if you have them, nominates guardians for your minor children.

REAL ESTATE or FINANCIAL ASSETS

If you own real estate, your estate plan might include a document formalizing your wishes for your property, such as a transfer on death deed.

If you have financial assets, part of your estate plan includes the process of confirming and updating the beneficiary designations on each of your accounts and financial assets.

WITH AN ESTATE PLAN, YOU CAN:

• Nominate someone you trust to make decisions about your finances and your health when you aren’t able to make them yourself.

• Provide for a disabled child.

• Protect and grow the family business.

• Arrange for care for your animals.

• Make sure the gift to each of your children is fair, taking into account the support you have provided for each of them (sometimes called an “equalization clause”).

• Make gifts of money, real estate, or possessions to friends and family.

• Transfer the family cabin to the next generation.

• Deal respectfully with and safeguard your estate from the problematic family member (who may be a spendthrift or living with an addiction or simply doesn’t play fair or well with others).

• Make gifts to charitable organizations and causes you support.

• Leave your collections of (antique silverware, fiesta ware, first editions, albums, guns, framed concert posters, tools, your shoe collection) to friends and family members.

These are only a few examples. The best next step is to set up a conversation.