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Key Components of an Estate Plan
- **Wills and Trusts**: These are the cornerstones of any estate plan. A will outlines how your assets should be distributed, while trusts can provide more control over when and how your assets are distributed. Trusts can also help reduce estate taxes and avoid probate4.
- **Power of Attorney**: This legal document allows you to designate someone to make financial and legal decisions on your behalf if you're unable to do so. It's crucial for maintaining control over your affairs even when you can't manage them yourself5.
- **Healthcare Directives**: These include living wills and healthcare proxies, which outline your medical treatment preferences and designate someone to make healthcare decisions for you if you're incapacitated6.