Estate Plan
A comprehensive set of legal documents and strategies that together determine how your assets will be managed during your life (if incapacitated) and distributed after death. A basic estate plan includes a will, power of attorney, and healthcare directives.
Legal Definition
The totality of an individual's arrangements for the management and disposition of their property during incapacity and at death, typically comprising testamentary documents, trust instruments, beneficiary designations, powers of attorney, and advance directives.
Practical Example
A comprehensive estate plan might include: a revocable living trust, a pour-over will, durable power of attorney, healthcare power of attorney, living will, and beneficiary designation updates on retirement accounts and life insurance.