What term refers to the documents that comprise the plan that is put together to manage a person's assets and care, if the person becomes incapacitated or dies?

• A. Will
• B. Estate plan
• C. Trust
• D. Power of attorney

Answer: (B)

The main idea is that a person puts together a coordinated set of documents to manage their assets and care if they become incapacitated or die. That collection is called an estate plan. It typically includes a will, various trusts, powers of attorney for finances and for healthcare, and advance directives. Each component serves a purpose, but the term that covers all of them together is estate plan. For example, a will directs asset distribution after death, which is just one piece; a trust can hold and manage assets during life or after death, and a power of attorney designates someone to act for you if you’re unable. All of these documents together form the estate plan.