Wills are an important tool in estate planning, but they don’t account for the entire planning process. A will includes where your assets will go when you die and whom you wish to serve as guardians of your minor children. An estate plan is much more comprehensive and involves documents that remain effective while you’re alive and documents that become effective when you die.
A basic estate plan should include a pour-over will, a revocable living trust, a power of attorney for financial matters, a power of attorney for health care, and for taxable estates, an irrevocable trust.