When it comes to estate planning, there are five main components that should be included in your plan: a will, trust, financial power of attorney, health care directive, and certificate of trust. Each of these components plays an important role in ensuring that your wishes are carried out and your loved ones are taken care of after you’re gone.

1. Will: A will is a legal document that outlines your wishes for how your assets will be distributed after your death. It is important to note that a will only becomes effective after your death, and it does not provide any protection in the event that you become incapacitated. If your gross estate is below $184,500, a will may be the only document you need to determine who will receive your assets. Additionally, a will allows you to appoint a guardian for any young children.
2. Trust: A trust is a legal document that allows you to maintain privacy around such details as your assets, debt, and beneficiaries, whereas wills become public record after your death. Additionally, your trust can be used for incapacity planning—which allows your trustee to manage bank accounts and pay bills, among other important tasks, when you can’t and without intervention from the court. Importantly, your trust also allows your family members to avoid the costly and time-consuming probate process.
3. Financial Power of Attorney: A financial power of attorney allows you to grant authority to someone you trust to handle your financial matters if necessary. This person can step in when and if you’re ever unable to make financial decisions on your own due to incapacitation, death or absence. Some examples of what they can do on your behalf include signing a contract when you are unable to, pay bills, move assets, and talk with service providers.
4. Health Care Directive: A health care directive allows you to specify your wishes for medical treatment in the event that you become unable to communicate your wishes. This document ensures that your wishes are carried out and that your loved ones know what your desires are regarding end-of-life care.
5. Certificate of Trust: A certificate of trust is a shortened version of your trust document. It is a helpful tool that allows you to maintain your privacy by keeping the details of your trust private. It can be used in place of the full trust document in certain situations, such as when opening a bank account or transferring property.

Overall, each of these components plays a vital role in ensuring that your wishes are carried out and your loved ones are taken care of after you’re gone. By working with an experienced estate planning attorney, you can rest assured that your estate plan is tailored to your unique needs and wishes.