While your estate plan is anchored by a will, several other components can help you protect your wealth, health and beneficiaries, including:

Property powers of attorney appoint an individual to manage your assets, property, bank accounts and financial matters in the event you become unable to competently do so yourself.

Health care powers of attorney appoint a person to make health care decisions for you in accordance with a health care directive in the event you become unable to make such decisions yourself.

Trusts protect beneficiaries and ensure distribution of assets as planned. There are several types of trusts, including living trusts, supplemental needs trusts, special needs trusts, life insurance trusts and multi-generational dynasty trusts.

Business succession planning will reduce tax exposure and risks, and better protect your assets during the transition of ownership or management.

Tax planning creates efficiencies in the distribution of assets and property to beneficiaries with the use of trusts, gifting, liability protections and other forms of asset protection.

Prenuptial or premarital agreements can be solidified through an estate plan, which allows for clearer expectations from both parties in case of divorce.

Family limited partnerships (FLP) is an entity that offers liability protections to its limited partners. It may offer tax benefits and flexibility regarding management of assets, liabilities, amendments, gifts, growth and transfers of interest.

Multi-generational dynasty trusts allow families to plan for the long term, implementing durable methods for transferring wealth over generations, and enabling beneficiaries to successfully manage a family’s legacy while limiting exposure to taxation and creditors.