The components of estate planning depend on the size and complexity of your estate. However, these are the four key components that you need to consider. Will A will details how assets are to be divided after they pass on. It covers all assets that are outside the trust and doesn’t have a recipient or beneficiary. Living Will Unlike a will that goes into effect upon death, living wills are documents that detail any medical care instructions that a living incapacitated person may have. Living wills function as a directive if the person can no longer communicate. It can be refusing to have feeding tubes or to be kept alive by a ventilator. Power of Attorney A power of attorney is a written authorization or document that gives another person the power to make decisions on the person's behalf. This includes control of banking accounts, healthcare decisions, property management, and giving to charity. Trusts Trusts may seem like the territory of billionaires, but building a trust can have its advantages. A trust is a legal document that is drawn up to hold assets like money, property, or other personal property for single or multiple heirs.