Will: A will determines where assets will go if they don’t have a listed beneficiary. This might include your home (if paid off), cars, collections, and even household items. In addition, bank and brokerage accounts with no beneficiary listed should be in your will and estate plan.

Trust Document: A Living Trust allows you to pass assets to heirs without going through probate and allows someone else to handle your financial affairs if you’re unable. It names not only who the trust benefits but also the trustee (the person who manages things when you cannot). A Trust Document is a crucial element in estate planning.

Executor of Your Estate: Commonly, this is often a relative or friend, but a professional manager may need to be considered in complex cases where there are substantial assets. Being an executor can often be time-consuming and stressful. You might consider appointing a professional manager even if your estate is simple (and thus remove that burden from loved ones).

Guardian for Your Under-Aged Children: If you have a young family, your estate plan should include who you would like to care for your children if both parents are deceased. Without this directive, the state decides who will be the guardian of your children (meaning, they could be entrusted to someone you wouldn’t otherwise prefer). If a child has special needs, planning for the child’s care now and throughout their adulthood must be considered.

Medical Power of Attorney: Commonly, spouses list each other as medical power of attorney, but you have the full authority to list anyone you choose. A Medical Power of Attorney makes medical decisions for you when you're incapacitated or unable to do so for yourself.

Financial Power of Attorney: This individual or individuals have the authority to pay your bills and manage your finances if you are unable to do so. Choosing a Financial Power of Attorney is critical if you require extended medical or nursing care -- you want to ensure your bills are kept current so you can remain in the care facility. Without having a Financial Power of Attorney named, your assets are seized and liquidated by the state to pay your bills, even if you have the means to pay.