There are a variety of documents that can be used when developing a comprehensive estate plan. While each individual's plan will be unique there are a few documents which everyone should be aware of. These documents include a durable power of attorney, a will, a revocable living trust, a healthcare proxy, and a living will. Not all of these documents are necessary for every person's financial situation, and some of them may be combined.

A revocable living trust is created during an individual's lifetime. It defines a relationship which a trustee holds property for a beneficiary. The trustee may be a family member, trust company bank, or even the grantor. A grantor can change a revocable living trust at any time.

A durable power of attorney allows an individual to name a representative to act in their place in the event that the individual is killed, disabled or incapacitated. It may be specifically written for health care. One can specify what decisions a representative may make. For instance, one could stipulate that a representative may only settle debts, or could grant him or her all of one's legal powers.

A will allows an individual to declare how their property and assets should be distributed upon their death. One may revoke a will, as it does go into effect until death.

A healthcare proxy, also known as a healthcare power of attorney, allows a representative to make medical decisions on one's behalf in the even that one is incapacitated or cannot make one's own decisions known.

A living will allows one to declare whether their wish to be administered life-support in the event that it is needed to prevent death. For instance, one could include a "do not resuscitate" declaration that informs medical staff not to use life-sustaining medical treatment in the event of a potentially fatal condition.

Source: The Coloradoan "Learn the five essential estate-planning documents" James Watts, July 10, 2011