There are many elements to a proper estate plan, and they go well beyond a will. At the very minimum, every estate plan should do the following:
1. Designate a guardian for minor children.
2. Choose the people (individuals or trust companies) who will take care of the estate or trusts, and who will act as medical and/or financial agents in the event of the individual’s incapacity.
3. Protect assets for the benefit of persons who are unable to manage finances themselves.
4. Minimize applicable taxes.
5. Avoid possible will contests or claims by unhappy heirs.
6. Anticipate any problem assets and providing for their distribution.
7. Include business succession planning if applicable.
8. Address any other issues that might affect the well-being of the individual’s family or business after that person’s death.