Estate Planning (Wills, Trusts, Powers of Attorney, Advance Directives, etc.)
Basic estate planning is your responsibility to those who survive you. It's not terribly complicated, but the potential consequences of "getting it wrong" are dire. And given the assets that many accumulate over a productive lifetime, the logistics and the tax consequences can be incredibly costly to your descendants if your estate plan is not done right in the first place. The basics are a will, a general durable power of attorney, and an advance directive. In order to ensure the successful implementation of an estate plan, consideration must also be given to correct titling of assets, and to clear designation of beneficiaries. In appropriate cases, one or more trusts may be indicated. Except in the case of an extremely simple estate, it is usually wise for the estate planning attorney and client to consider the input of the client's accountant and/or other relevant financial professional.