Common Estate Plan Elements
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2026 · COMMON ESTATE PLAN ELEMENTS
LAST WILL
AND TESTAMENT
LIVING WILL
MEDICAL POWER OF
ATTORNEY (POA)
FINANCIAL POWER OF
ATTORNEY (POA)
REVOCABLE
LIVING TRUST
This document explains how
one's property and assets
are to be distributed upon
one’s death
This document grants
someone else the power to
make financial decisions on
one's behalf immediately
(durable POA) or upon
incapacitation (springing POA)
This document grants
someone else the power to
make medical decisions on
one's behalf immediately
(durable POA) or upon
incapacitation (springing POA)
This document explains one's
preferences for life-sustaining
treatment if one is terminally
ill and incapacitated
This document explains how
one's property and assets
are to be distributed upon
one’s death
WHAT DOES THIS ESTATE
PLAN DOCUMENT DO?
To avoid probate, keep the
estate private, and ensure
one's wishes are carried out
immediately without delay
To ensure important financial
decisions (e.g., paying bills,
selling assets, filing taxes, etc.)
are not delayed or denied
To ensure important medical
decisions (e.g., life-sustaining
treatment, surgery,etc.) are
not delayed or denied
To ensure one's medical
preferences (e.g., dialysis, CPR,
tube feeding, surgery,
resuscitation, ventilation, etc.)
are appropriately followed
To avoid letting one's state law
determine (with no say from
the family) how one's assets
and belongings are to be
distributed
WHY MIGHT SOMEONE
CONSIDER USING THIS
ESTATE PLAN DOCUMENT?
COMMON ESTATE PLAN DOCUMENTS
EXECUTOR
GRANTOR
TRUSTEE
POWER OF ATTORNEY
(POA) AGENT
GUARDIAN
Cares for and makes
decisions on behalf
of a child
Makes financial and/or
medical decisions on behalf
of another person
Manages the trust for
the beneficiaries
Creates the trust and decides
what it should accomplish
Settles the estate as
dictated by the will
WHAT DOES THIS
PERSON DO?
The will
The medical and/or financial
POA documents
The trust
The trust
The will
WHAT DOCUMENT IS
THIS PERSON TYPICALLY
NAMED IN?
Financially supporting
the child, raising the child,
enrolling the child in school,
managing the child's
healthcare, providing food
and shelter, etc.
Medical: making decisions
regarding surgery, treatment,
location of services, etc.
Financial: paying bills, filing
taxes, managing investment
accounts, etc.
Carrying out the trust's
instructions, distributing
assets, filing trust tax returns,
managing trust assets, etc.
Forming the trust, naming a
trustee(s) and beneficiaries,
specifying how the trust will
be managed, etc.
Handling probate, paying off
debts, distributing assets,
filing final tax returns, etc.
WHAT DUTIES WILL
THIS PERSON BE
RESPONSIBLE FOR?
COMMON ESTATE PLAN PERSONNEL
© fpPathfinder.com. Licensed for the sole use of Aaron Vaughn of Defiant Financial Services, LLC. All rights reserved. Used with permission. Updated 12/15/2025.
2026 · COMMON ESTATE PLAN ELEMENTS
JOINT OWNERSHIP
BENEFICIARY
REVOCABLE LIVING TRUST
WILL
NO WILL (INTESTACY)
N/A
No Will
Will, No Will
Trust, Will,
No Will
Beneficiary, Trust,
Will, No Will
WHAT STRATEGIES DOES
THIS TAKE PRECEDENCE
OVER?
No
No
Yes
Yes
Yes
DOES THIS STRATEGY
AVOID PROBATE?
Yes
Yes
Yes
No
No
DOES THIS STRATEGY
HAVE EXPENSES?
Public
Public
Private
Private
Private
IS THIS STRATEGY
PUBLIC OR PRIVATE?
Yes
Yes
No
1
No
No
CAN THIS STRATEGY
BE CONTESTED?
No
No
No
2
No
No
CAN ASSETS PASS
OUTSIDE OF THE ESTATE
WITH THIS STRATEGY?
No
No
No
3
No
No
DOES THIS STRATEGY
REQUIRE AN ADDITIONAL
TAX RETURN TO BE FILED?
No
Yes
4
Yes
No
No
DOES THIS STRATEGY
GENERALLY REQUIRE
HIRING AN ATTORNEY?
Yes
Yes
No
5
Yes
5
No
CAN IRAS AND ERISA
PLANS BE PASSED ON?
Slow
Slow
Fast
Fast
Fast
HOW QUICKLY DO ASSETS
TYPICALLY PASS TO HEIRS?
COMMON ESTATE PLAN STRATEGIES FOR TRANSFERRING ASSETS
1
While there may be circumstances when a trust could be contested (e.g., fraud, etc.), they are rare in comparison to how a will might be contested.
2
Assets will only pass outside of the estate (i.e., not subject to estate taxes) if they are held within an irrevocable trust.
3
A revocable living trust becomes irrevocable upon the grantor's death. At that point, the trust may require a tax return to be filed (depending on the amount and timing of income in the trust).
4
While some states may consider a self-made will to be legally valid, hiring an attorney is generally recommended to help you draft a proper will.
5
IRAs and ERISA plans cannot be put in a trust. However, a trust can be listed as the beneficiary of IRAs and ERISA plans.
© fpPathfinder.com. Licensed for the sole use of Aaron Vaughn of Defiant Financial Services, LLC. All rights reserved. Used with permission. Updated 12/15/2025.
Aaron Vaughn
30400 Detroit Road Suite 305a Westlake, OH 44145
aaron@defiantservicesllc.com
| 440-385-0208 |
www.defiantservicesllc.com
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