1. Take stock of your assets, including investments, retirement accounts, insurance policies, real estate and business interests.

2. Decide what you want to do with those assets, who should inherit them, and who you trust to make significant decisions if you become incapacitated.

3. Call your estate-planning adviser for help assembling your team, which could include an accountant, attorney, stock broker, financial planner and life insurance agent.

Estate planning can range from very simple and straightforward to sophisticated and complex. Once you consult with an adviser, here are some elements you want to discuss:

A Will. Your will is the center of your estate plan. It provides for the management and distribution of your assets, arranges for tax savings, and includes provisions for the care of your spouse, children and others. And it lets you designate heirs such as friends, relatives, charities, or others who might be overlooked if you die without a will. Without one, you die intestate, which means the state gains control over the management of assets. And control, not value, is the the real issue here. Anyone 18 years or older who has any assets needs a will.

Asset conservation.  Preserving your assets is a major goal of an estate plan. Inflation, a prolonged illness or a job loss can seriously erode the value of your estate. And taxes can take a huge chunk after your death. Don't assume that estate taxes affect only the very wealthy. Even if your holdings are moderate, you may have an estate that is subject to federal taxes that can be as high as 45 percent under current law. Plan ahead.

An executor. If you die intestate, a probate court will choose an executor for your estate and, if necessary, a guardian for your children. The court will also distribute your property, regardless of any unwritten wishes you may have expressed during your lifetime.

A will lets you name an executor of your choice. Decide carefully. Most people don't realize the complexity and time involved in the job. Choose someone that you feel can handle it. You may even want to consider naming a professional as an executor or co-executor with a relative or friend. Here's a comparison of the advantages of choosing a professional or personal executor.

Professional	Personal
Specialist in estates/trusts	More familiar with the family
Impartial	Low or no fees

Durable power of attorney. This document names the person who will make financial and health care decisions for you in the event of incapacitation. A power of attorney is "durable" when it states that it will survive your disability. You can name separate individuals to handle your finances and your health. For example, you may want your accountant or lawyer to handle your assets and your spouse to make decisions affecting your health. You can also sign a Living Will, which puts you, rather than a medical professional or the courts, in control of life support systems if you fall into an irreversible coma or are in the final stages of a terminal illness.

Living trust. You can achieve the same financial goals if you put your assets in a living trust and name a successor trustee to manage them if you become incapacitated. A revocable living trust preserves confidentiality by keeping private and out of probate, your estate's value, assets, trust provisions and the names of your beneficiaries. You can manage the trust during your lifetime, but the moment you die or become incapacitated, the trustee takes immediate control.

Guardian or conservator. This option is handy if you feel uncomfortable giving one person total control over your estate. A guardian or conservator must account to probate court on how your estate is being managed.

Fees. The most significant expenses are the executor's commission and legal fees. Family members are most likely to serve as executors, so if there is a fee, it is likely to be reasonable. The lawyer's fee should be reasonable and discussed up front. Courts frown upon charging legal fees based on a percentage of an estate's assets. Of course, lawyers should not be selected just on the basis of a fee and don't assume that a lawyer practicing alone or as a part of a small firm will charge less than an experienced probate attorney in a large firm. Costs can also be minimized if the estate administration is terminated informally without requiring any court proceedings.

Once you decide what kinds of bequests you want to make, be sure to discuss your plans with your heirs. The sooner and more distinctly you outline your intentions, the less chance there will be for disagreements when you're gone.