No matter your net worth, it's important to have a basic estate plan in place. Such a plan ensures that your family and financial goals are met after you die. An Estate Plan has several elements, including the following: Will, Power of Attorney, Living Will Medical Power of Attorney. For some people, a Trust may also make sense.

Your assets include your investments, retirement savings, insurance policies, and real estate or business interests.

A will tells the world exactly where you want your assets distributed when you die. It's also the best place to name guardians for your children. Dying without a will, also known as dying "intestate", can be costly to your heirs and leaves you no say over who gets your assets. Even if you have a trust, you still need a will to take care of any holdings outside of that trust when you die.

Trusts are legal mechanisms that let you put conditions on how and when your assets will be distributed upon your death. They also allow you to reduce your estate and gift taxes and to distribute assets to your heirs without the cost, delay and publicity of probate court, which administers wills. Some also offer greater protection of your assets from creditors and lawsuits.

Whom do you want to inherit your assets?

Whom do you want handling your financial affairs if you're incapacitated?

Who makes medical decisions if you become unable to make them yourself?