When it comes to planning an estate there are as many variations as there are people and families. There is no one size fits all, although there are certain planning considerations common to all. If you are single, healthy, and have no children and like most everyone are below $7.1 million of assets, you need the basic documents, which are a will or revocable trust to pass on assets to whoever you wish to inherit. But if you have elderly parents, who are at the age where they may need long term care, it may be wise to set up a trust that will not count against them if they need Medicaid to pay for care. You also need a durable power of attorney so that a trusted person, usually a family member, can handle your financial affairs if you cannot. You also should have a living will naming a health care representative to make medical decisions for you if you cannot. A HIPAA form to talk with medical providers is advisable.
