A married couple wanting financial security for yourselves and for the spouse that survives the other?

A single person interested in retirement?

A couple worried about who will raise your children if the children are orphaned?

Parents wishing to ensure the continued care of a disabled child?

Key Elements in Your Estate Plan
Estate planning is not just creating a will when you are elderly in order to save estate taxes.  It is much more. A good estate plan is like a map that guides you and your heir's future. It should be tailored to meet the requirements of your individual circumstances. Your will serves as the foundation of your estate. It identifies the heirs and the conditions for disbursal of assets solely in your name.

Power of Attorney gives the individual you select the power to manage your assets during your lifetime. For the majority of states, the durable power of attorney is also valid if you become mentally incompetent.

Testamentary Trust is a unique agreement for the management of certain agreed upon assets. It has no effect during a person's life.

Life Insurance policies require the naming of a beneficiary. It may be a person, your estate, a trustee under your will or trust agreement, or a charitable organization.

Deferred Employee Benefit plans also require the naming of a beneficiary. If you are covered by a pension or profit sharing plan, IRA (Individual Retirement Account), or group insurance, or are participating in a stock option plan, you need to name a person who will benefit from each of these plans using a beneficiary designate form.

Joint Ownership allows the surviving partner to become full owner in the property when one of the pair dies.

Buy-Sell Agreement sets the terms of sale and method of payment for partnership business interests or stockholder interests in a closely held corporation.

An effective estate plan should recognize the interrelationships of each of the elements. The nature of your assets and your circumstances will determine which options are viable for you. When you plan your estate, you picture with pleasure how your generosity will help others. Combining wise estate planning with actions can help you right now.